Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2. Courtney operates a souvenir gift shop in Ontario. Her business is registered for the Quick Method of calculating ITCs. Her HST-taxable sales were

image text in transcribedimage text in transcribed

2. Courtney operates a souvenir gift shop in Ontario. Her business is registered for the Quick Method of calculating ITCs. Her HST-taxable sales were $185 000 for the year. HST- taxable purchases of goods for resale were 47% of sales. In addition, Courtney paid $48 000 in purchases and expenses, which included $42 000 for salaries and insurance. a. Calculate how much HST Courtney remitted to the CRA when using the Quick Method. b. If she had not chosen to use the Quick Method of calculating ITCs, how much HST would she have to remit? L 42 2. Courtney operates a souvenir gift shop in Ontario. Her business is registered for the Quick Method of calculating ITCs. Her HST-taxable sales were $185 000 for the year. HST- taxable purchases of goods for resale were 47% of sales. In addition, Courtney paid $48 000 in purchases and expenses, which included $42 000 for salaries and insurance. a. Calculate how much HST Courtney remitted to the CRA when using the Quick Method. b. If she had not chosen to use the Quick Method of calculating ITCs, how much HST would she have to remit? c. What is the difference in remittances under the two methods? Ontario for the past several years. On

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals of Investments

Authors: Gordon J. Alexander, William F. Sharpe, Jeffery V. Bailey

3rd edition

132926172, 978-0132926171

More Books

Students also viewed these Finance questions