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Required: For the year ending December 31, 2022 : A. Calculate Sloan Inc.'s HST payable or HST refund using regular HST calculations. B. Determine if Sloan is eligible to use the quick method and the applicable quick method remittance rate. C. On the assumption that Sloan Inc. is eligible to use the quick method, calculate the HST payable or HST refund using the quick method. 20.7 (Regular and Quick Method OST/HST Returns) ya Hemandez has always been creative and has been able to foresee business trends since she jus in university. She completed her CPA requirements and obtained an MBA many yars ago. gorty ater completing her studies, she launched a business that she carries on as a scle proprietor with al purchases in Ontario and salos eicher in Ontario or in the United States. The HST fate for praro is 13%. The Ontario quick method rates are 4.4% for businesses that purchase goods for geste and 8.8% for service providers. Fo the 2022 taxation year, Julla's business activities fall into three categories Electronic Devices and Service Julis sells all the latest electronic devices, such as iPads and iPhones. Her sales prices often match that of much larger retallers, and she provides a grater level of individualized service. In 2022, Julia's revenues from the electronic products and service business are $323,000. which include HST. Export of Prescription Drugs A growing part of Julia's activities involve exporting prescription drugs to the United States to meet an evergrowing demand for reasonably priced drugs. Her 2022 revenues from this activity is $113,000. Money Lending Because of the success of the other activities Julia found herseit with large amounts of cash and decided to extend an additional service to customers by offering lans up to one year at interest rates slightly higher than Canadian banks. Revenue from this activity is $87,000 for 2022 . None of the loans are connected to the electronic device activity. Whas an assistant who works on a full-time basis for the businesses. The assistant was paid a savy for 2022 of $85,000. We maintains an office that she rents for $4,000 a month plus HST. In 2022, miscollsneous office apanses totalled $6,500 plus HST, Julia purchased business insurance for $400 for the year. The umture, foctures, and art in the office are leased at a cost of $2,000 per month plus HST. Telephone ind internet cost $125 per month plus HST. Wla has calculated that the expenses should be allocated to her three business activities as thlow5: bpenditures specific to his various activities are as follows: Electronic Devices and Service Julia purchases iPads for display purposes so that potential customers can try them out before making a purchase commitment. Julia was initialy surprised at how quickly these display iPads were damaged beyond repair. As a result, the purchase and disposal of these iPads have become a recurring business expense. On January 1, 2022, she had five of the iPads on hand, the total capital cost of which was \$3, 101 plus HST, and they had been categorized as class 50 property for income tex purposes. They were the only property in this class, and on January 1,2022, the UCC W:5 $2,792. In 2022, Julia purchases an additional 19 of these iPads for $549 each plus HST. In 2022, 20 of these iPads were disposed of. Jia's only other expenses associated with this activity were for travel to various Conventions to advertise her business and to learn about new products. Convention fees, ailine, hotel, and taxis totalled $12,000 plus HST Meals while travelling totalled $7.492 Phs HST. The travel expenses were fully deductible for income tax purposes with the leception of meals. Export of Prescription Drugs Costs associated with this activity are as follows: Money Lending The money lending business was so popular that Julia had to use bank loans to finance some of the business. Interest on these loans for 2022 was $12,600. In 2022 Julia experienced a few issues with collections and hired a smal collection agency to pursue the borrowers who had refused to talk with her or her assistant. Costs for this service in 2022 were $4,800 (no HST-peid to small suppliers). Required: A. Determine Julia's HST payable or HST refund for the fiscal year ending December 31, 2022. using the regular HST method. B. Determine whether Julia can use the quick method for 2022. C. Determine Julia's HST payable or HST refund on the assumption that she can use the quick method for the fiscal year ending December 31, 2022. AP 21-8 (Regular and Quick Method HST Returns) For the year ending December 31, 2022, the income statement of Sloan Inc. is as follows (all amounts are without the addition of the HST): Other Information: 1. Sloan inc. is a retail business located in Ontario where all of the company's revenues a earned and expenses incurred. The HST rate in Ontario is 13%. The quick method rates a 4.4% for businesses that purchase goods for resale and 8.8% for service providers. 2. For the previous year ending December 31,2021 . Sloan's cost of goods purchased for resa totalled $148,500 and the revenue from sales of taxable supplies totalled $407,700. Bo amounts are before HST. 3. Purchases of taxable goods in 2022 , before HST, cost $155,250. 4. Allof the other expenses involved the acquisition of fully taxable supplies and were incurred relation to providing taxable supplies. 5. Of the saleries and wages, 52% were paid to employees involved in providing exempt servic 6. A ceipital for fully tuababla supplias. was for furnenditure was made in 2022 at an HSTinclusiive HST was paid on the futures that Required: For the year ending December 31, 2022 : A. Calculate Sloan Inc.'s HST payable or HST refund using regular HST calculations. B. Determine if Sloan is eligible to use the quick method and the applicable quick method remittance rate. C. On the assumption that Sloan Inc. is eligible to use the quick method, calculate the HST payable or HST refund using the quick method. 20.7 (Regular and Quick Method OST/HST Returns) ya Hemandez has always been creative and has been able to foresee business trends since she jus in university. She completed her CPA requirements and obtained an MBA many yars ago. gorty ater completing her studies, she launched a business that she carries on as a scle proprietor with al purchases in Ontario and salos eicher in Ontario or in the United States. The HST fate for praro is 13%. The Ontario quick method rates are 4.4% for businesses that purchase goods for geste and 8.8% for service providers. Fo the 2022 taxation year, Julla's business activities fall into three categories Electronic Devices and Service Julis sells all the latest electronic devices, such as iPads and iPhones. Her sales prices often match that of much larger retallers, and she provides a grater level of individualized service. In 2022, Julia's revenues from the electronic products and service business are $323,000. which include HST. Export of Prescription Drugs A growing part of Julia's activities involve exporting prescription drugs to the United States to meet an evergrowing demand for reasonably priced drugs. Her 2022 revenues from this activity is $113,000. Money Lending Because of the success of the other activities Julia found herseit with large amounts of cash and decided to extend an additional service to customers by offering lans up to one year at interest rates slightly higher than Canadian banks. Revenue from this activity is $87,000 for 2022 . None of the loans are connected to the electronic device activity. Whas an assistant who works on a full-time basis for the businesses. The assistant was paid a savy for 2022 of $85,000. We maintains an office that she rents for $4,000 a month plus HST. In 2022, miscollsneous office apanses totalled $6,500 plus HST, Julia purchased business insurance for $400 for the year. The umture, foctures, and art in the office are leased at a cost of $2,000 per month plus HST. Telephone ind internet cost $125 per month plus HST. Wla has calculated that the expenses should be allocated to her three business activities as thlow5: bpenditures specific to his various activities are as follows: Electronic Devices and Service Julia purchases iPads for display purposes so that potential customers can try them out before making a purchase commitment. Julia was initialy surprised at how quickly these display iPads were damaged beyond repair. As a result, the purchase and disposal of these iPads have become a recurring business expense. On January 1, 2022, she had five of the iPads on hand, the total capital cost of which was \$3, 101 plus HST, and they had been categorized as class 50 property for income tex purposes. They were the only property in this class, and on January 1,2022, the UCC W:5 $2,792. In 2022, Julia purchases an additional 19 of these iPads for $549 each plus HST. In 2022, 20 of these iPads were disposed of. Jia's only other expenses associated with this activity were for travel to various Conventions to advertise her business and to learn about new products. Convention fees, ailine, hotel, and taxis totalled $12,000 plus HST Meals while travelling totalled $7.492 Phs HST. The travel expenses were fully deductible for income tax purposes with the leception of meals. Export of Prescription Drugs Costs associated with this activity are as follows: Money Lending The money lending business was so popular that Julia had to use bank loans to finance some of the business. Interest on these loans for 2022 was $12,600. In 2022 Julia experienced a few issues with collections and hired a smal collection agency to pursue the borrowers who had refused to talk with her or her assistant. Costs for this service in 2022 were $4,800 (no HST-peid to small suppliers). Required: A. Determine Julia's HST payable or HST refund for the fiscal year ending December 31, 2022. using the regular HST method. B. Determine whether Julia can use the quick method for 2022. C. Determine Julia's HST payable or HST refund on the assumption that she can use the quick method for the fiscal year ending December 31, 2022. AP 21-8 (Regular and Quick Method HST Returns) For the year ending December 31, 2022, the income statement of Sloan Inc. is as follows (all amounts are without the addition of the HST): Other Information: 1. Sloan inc. is a retail business located in Ontario where all of the company's revenues a earned and expenses incurred. The HST rate in Ontario is 13%. The quick method rates a 4.4% for businesses that purchase goods for resale and 8.8% for service providers. 2. For the previous year ending December 31,2021 . Sloan's cost of goods purchased for resa totalled $148,500 and the revenue from sales of taxable supplies totalled $407,700. Bo amounts are before HST. 3. Purchases of taxable goods in 2022 , before HST, cost $155,250. 4. Allof the other expenses involved the acquisition of fully taxable supplies and were incurred relation to providing taxable supplies. 5. Of the saleries and wages, 52% were paid to employees involved in providing exempt servic 6. A ceipital for fully tuababla supplias. was for furnenditure was made in 2022 at an HSTinclusiive HST was paid on the futures that