Assignment Problem Twenty-One - 8 (Regular And Quick Method HST Returns) For the year ending December 31, 2020, the Income Statement of Sloan Inc. is as follows (all amounts are without the inclusion of applicable HST):

Revenues: Sales of Fully Taxable Goods $291,600 Provision of Exempt Services 105,300 $396,900 Less Expenses: Cost Of Goods Sold ($166,050) Amortization Expense ( 75,600) Salaries And Wages ( 16,200) Rent ( 56,700) Interest Expense ( 12,150) Other Operating Expenses ( 36,450) ( 363,150) Income Before Taxes $ 33,750 Less: Federal And Provincial Income Taxes ( 10,800) Net Income $ 22,950 Other Information: 1. Sloan Inc. is a retail business located in Ontario where all of the companys revenues and expenses are incurred. The HST rate in Ontario is 13 percent. The Quick Method rates applicable to the province are 4.4 percent for businesses that purchase goods for resale, and 8.8 percent for service providers. 2. For the previous year ending December 31, 2019, Sloans cost of goods purchased for resale totaled $148,500 and the revenue from sales of taxable supplies totaled $407,700. Both amounts are before HST. 3. Inventories of taxable goods decreased by $10,800 during the year. 4. All of the Other Operating Expenses involved the acquisition of fully taxable supplies and were acquired to assist in the provision of fully taxable supplies. 5. Of the Salaries And Wages, 52 percent were paid to employees involved in providing exempt services. 6. A capital expenditure was made during the year at an HST inclusive cost of $83,620. The expenditure was for furniture and fixtures that will be used 60 percent for the provision of fully taxable goods. HST was paid on the acquisition of all assets on which amortization is being taken during this period. Required: For the year ending December 31, 2020: A. Determine if Sloan is eligible to use the Quick Method and the Quick Method remittance rate that would be applicable. B. Calculate the net HST payable or refund that Sloan Inc. will remit or receive using regular HST calculations. C. Assume that Sloan is eligible to use the Quick Method. Calculate the net HST payable or refund that Sloan Inc. will remit or receive using the Quick Method.