Understanding Tax Liabilities: How to Calculate Remaining Amount Owed

tax payable Australian Taxation Office ATO payment accounting tax expense remaining balance

Beto Perez Zumba Dance Studio (Beto) located in Carlton owes $2500 in tax payable to the Australian Taxation Office (ATO) at the end of June. In the month of July, the tax expense is $400. At the start of August, Beto pays $2000 to the ATO. What amount, if any, is still owing by Beto to the ATO after the payment of $2000 is made? ○ $ 400 O $ 500 Ono amount owing as each of these transactions were incurred in different months and are thus independent of one another. O$ 900 Question 26 1

After Beto Perez Zumba Dance Studio makes a payment of $2000 to the ATO in August, the remaining amount owing to the ATO can be calculated as follows:

Original tax payable: $2500 (owing at the end of June) Additional tax expense for July: $400

Total tax liability before payment: $2500 + $400 = $2900

Payment made in August: $2000

Amount still owing after payment: $2900 - $2000 = $900

So, the correct answer is: O $ 900

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