1.3.3 Explain the difference between a cash deficit and an overdraft. Explanation 2 marks 1.4 Pat has put aside some of his cash fees because he knows he will have to pay GST. Required 1.4.1 Calculate the GST balance for Pat’s Pet Services. Calculation GST balance $ 1 mark 1.4.2 Referring to your answer to 2.4.1, explain whether this GST balance would be reported as an asset or a liability. Explanation 2 marks
1.3.3 Explain the difference between a cash deficit and an overdraft. Explanation 2 marks 1.4 Pat has put aside some of his cash fees because he knows he will have to pay GST. Required 1.4.1 Calculate the GST balance for Pat’s Pet Services. Calculation GST balance $ 1 mark 1.4.2 Referring to your answer to 2.4.1, explain whether this GST balance would be reported as an asset or a liability. Explanation 2 marks
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