Question
Data regarding Petrilla Corp. in March 20x9 Selected opening balances: GST payable $63,400 (cr.) CPP payable 3,200 (cr.) EI payable 5,200 (.) Income tax
Data regarding Petrilla Corp. in March 20x9 Selected opening balances: GST payable $63,400 (cr.) CPP payable 3,200 (cr.) EI payable 5,200 (.) Income tax deductions payable 16,600 (cr.) a. Cash sales for the period. $920,000 plus 5% GST. b. Monthly payroll, $120,000: less EL $3.200: CPP $2.200, income tax, $12.200. The employer portion of payroll taxes was also recorded. c. Inventory purchases on account. $1,520,000 plus 5% GST. d. Cash sales, $3120.000, plus 5% GST e. Sales to US. customer on account, US$172.000. There was no GST on the sale. The US dollar was worth Cdn$1.04 on this date. The US customer paid US$134,000 on account, when the US dollar was worth $1.09. The remaining amount will be paid in June g. GST owing was remitted. h. 60 percent of the amount owing to suppliers in (c) was paid. At the end of the month the US exchange rate was Cdn$1.08. Submit
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