Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Candace started a proprietorship to provide consulting services in 2019 and is expected to receive $20,000 in fees from clients for the whole year.Her expenses

Candace started a proprietorship to provide consulting services in 2019 and is expected to receive $20,000 in fees from clients for the whole year.Her expenses for the year totaled $5,000 primarily because of start-up expenses.Going forward, she expects annual revenues in the range of $20,000 to $30,000 and expenses to approximate 10% of revenues.Assume that all operations have been and will continue in B.C. and that all provided figures are without GST but are subject to GST, if registered.

Based on your answers to Question 10 and above information regarding Candace, should she have registered for GST?Justify your answer.

No, she doesn't have to register for GST.

Because her business is small, and the annual revenues is less than 30,000.

However, she might register for GST even though it's not required.

Assuming Candace has registered for GST, calculate her GST Payable liability for 2019 under two alternatives (with or without the Quick Method) and make a supported recommendation regarding Candace's course of action.

For your supported recommendation above, prepare the 2019 GST Return for Candace, commenting on filing and payment deadlines applicable to her.

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

Step: 3

blur-text-image

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

Corporate Financial Reporting And Analysis

Authors: S David Young, Jacob Cohen, Daniel A Bens

4th Edition

111949463X, 9781119494638

More Books

Students also viewed these Accounting questions

Question

The relevance of the information to the interpreter

Answered: 1 week ago