ZuoTi.Pro
Question

TAX in Canada

Ms. Marcia Brady lives and works in Prince Edward Island. She owns and operates a No Frills grocery store, which is an HST registrant. During the current year, her business has total revenue of $1,884,043. 27% of the total revenue is from the sale of fully taxable supplies. 43% of the total revenue is from the sale of zero-rated supplies. The total revenue balance includes applicable HST.


Rent for the period on her store was $24,000 and she pays a clerical assistant an annual salary of $28,500. Her capital expenditures during the period are for new shelving with a cost of $40,000 and computer point-of-sale hardware for $60,000.  All expenditure amounts are before HST. The current expenditures and all the assets are used 72% for the provision of taxable supplies.  Brady files her business HST return on an annual basis.


Determine the net HST payable or the refund for the year.

(Note: In your answer, a refund should be indicated as a negative number and a payable should be indicated as a positive number). 


accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Request Professional Answer

Request Answer!

We need at least 10 more requests to produce the answer.

0 / 10 have requested this problem solution

The more requests, the faster the answer.

Request! (Login Required)

All students who have requested the answer will be notified once they are available.
Know the answer?
Add Answer to:
TAX in Canada
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Similar Homework Help Questions

  • Note: This problem is for the 2018 tax year. Janice Morgan, age 24, is single and...

    Note: This problem is for the 2018 tax year. Janice Morgan, age 24, is single and has no dependents. She is a freelance writer. In January 2018, Janice opened her own office located at 2751 Waldham Road, Pleasant Hill, NM 88135. She called her business Writers Anonymous. Janice is a cash basis taxpayer. She lives at 132 Stone Avenue, Pleasant Hill, NM 88135. Her Social Security number is 123-45-6789. Janice's parents continue to provide health insurance for her under their...

  • Income statement preparation On December 31, 2019, Cathy Chen, a self-employed certified public accountant (CPA), completed...

    Income statement preparation On December 31, 2019, Cathy Chen, a self-employed certified public accountant (CPA), completed her first full year in business. During the year, she charged her clients $361,000 for her accounting services. She had two employees, a bookkeeper and a clerical assistant. In addition to her monthly salary of $7,990, Ms. Chen paid annual salaries of $48,200 and $36,200 to the bookkeeper and the clerical assistant, respectively. Employment taxes and benefit costs for Ms. Chen and her employees...

  • Chapter 05 (Static) Comprehensive Problem LO 5-1, 5-2, 5-3, 5-4, 5-5

    During Year 5, Pacilio Security Services experienced the following transactions:Paid the salaries payable from Year 4.On January 15, purchased 20 standard alarm systems for cash at a cost of $250 each.On February 1, paid the accounts payable of $980, but not within the discount period. (The company uses the gross method.)On March 1, leased a business van. Paid $4,800 for one year’s lease in advance.Paid $7,200 on May 1 for one year’s rent on the office in advance.Purchased with cash...

  • On January 2, 2019, Ms. Shirley Kantor moves from London, Ontario, to Thunder Bay, Ontario, in...

    On January 2, 2019, Ms. Shirley Kantor moves from London, Ontario, to Thunder Bay, Ontario, in order to begin employment with Northern Enterprises Ltd. (NEL). Her salary for the year was $142,000. NEL withheld the following amounts from her earnings: Federal And Provincial Income Tax $32,500 Registered Pension Plan Contributions      (NEL Makes A Matching Contribution)     3,200 EI Premiums                                          860 CPP Contributions                              2,749 United Way Donations                           450 Professional Association Dues            1,250 Other Information: Shirley’s moving expenses total $6,800. NEL reimbursed...

  • The trial balance of Pacilio Security Services, Inc. as of January 1, Year 5, had the following n...

    The trial balance of Pacilio Security Services, Inc. as of January 1, Year 5 , had the following normal balances:During Year 5, Pacilio Security Services experienced the following transactions:1. Paid the salaries payable from Year 4 .2. On January 15, purchased 20 standard alarm systems for cash at a cost of $ 250 each.3. On February 1 , paid the accounts payable of $ 980, but not within the discount period. (The company uses the gross method.) 4. On March...

  • Note: This problem is for the 2018 tax year. Janice Morgan, age 24, is single and...

    Note: This problem is for the 2018 tax year. Janice Morgan, age 24, is single and has no dependents. She is a freelance writer. In January 2018, Janice opened her own office located at 2751 Waldham Road, Pleasant Hill, NM 88135. She called her business Writers Anonymous. Janice is a cash basis taxpayer. She lives at 132 Stone Avenue, Pleasant Hill, NM 88135. Her Social Security number is 123-45-6789. Janice's parents continue to provide health insurance for her under their...

  • Janice Morgan, age 24, is single and has no dependents. She is a freelance writer. In...

    Janice Morgan, age 24, is single and has no dependents. She is a freelance writer. In January 2015, Janice opened her own office located at 2751 Waldham Road, Pleasant Hill, NM 88135. She called her business Writers Anonymous. Janice is a cash basis tax- payer. She lives at 132 Stone Avenue, Pleasant Hill, NM 88135. Her Social Security number is 123-45-6789. Janice’s parents continue to provide health insurance for her under their policy. Janice wants to contribute to the Presidential...

  • income tax

    Angie's Amazing Getups Incorporated is a Canadian controlled private corporation with a head office in London, Ontario. The company is a manufacturer of high end custom costumes and makeup used in movie and theatre productions with sales in Canada and the U.S.The company started in business in 2015 when the sole shareholder, Angela Q. Snodgrass, was photographed by the paparazzi after a particularly enthusiastic night of partying. When Angela saw herself on the front page of every tabloid newspaper the...

  • Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant...

    Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant with Mesa Manufacturing Company, 1203 Western Avenue, Mesa, AZ 85201 (employer identification number 11-1111111). She also writes computer software programs for tax practitioners and has a part-time tax practice. Beth is single and has no dependents. Beth's birthday is July 4, 1972, and her Social Security number is 123-45-6785. She wants to contribute $3 to the Presidential Election Campaign Fund. The following information is...

  • Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant...

    Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant with Mesa Manufacturing Company, 1203 Western Avenue, Mesa, AZ 85201 (employer identification number 11-1111111). She also writes computer software programs for tax practitioners and has a part-time tax practice. Beth is single and has no dependents. Beth's birthday is July 4, 1972, and her Social Security number is 123-45-6785. She wants to contribute $3 to the Presidential Election Campaign Fund. The following information is...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT