Description of the organization and aature of certain operations Fly and Success Etd is located at 3589 Boulevand Industrel, Bhatnvlle QC, J8A-9S2 the company is a clothing merchamdiser. The company sells through retail outlets as well as on credit to major clients 1. The company gives credit terms of 2/10,n30, on the total amount including GST and QSE 2. The company has to determine the federal goods and services tax (GSI) and the Quebec sales tax (QST) For example, it F1Y AND SUCCESS 1.TD buys merchandise from a vendor for $100 and sells it for $200 the calculabions would be as follows: On the seller's books: On the buyer's books: PURCHASE AND SALES TAXES INCIIIIED The rates for cuxes 2021 are GST 5% QST 9975% NOTE: It rates change, the student must use the actual rates while prepaning the Project. The simulation includes purchases and sales taxes excluded and purchases and sales taxes includec. To register the journal entry, refer what is required in each transaction The net balance in the GSI \& QST Recivable and Bayable accounts will result in a monthly remitance to Rexzmue Oucboc where the net balances of these accounts is a credit. Revenue Quebec will give the fedent NOTE: If rates change, the sudent must use the actial rates whale peeparing the Propect. The simulation includes purchases and sales taxes excluded and purchases and sales taxes included. To register the journal entry, refer what is nequited in each transaction The net balance in the GST \& QST Receivable and Bayable accounts will result in a monthly emittence to Revenue Quebec where the net balances of these accounts is a eredit. Revenue Quebee will gie the foderal governatent its portion of the total respectively. The company prepares a bow-wekly (26 pay periods per yeat) paroll for its four employen. The following information will be useful in preparing the payroll. To facilitate your task, you will only update the information at the end of the year, and also, you will To facilitate your task, you will only update the information at the end of the year, and aso, you will bave to complete Ollver Barbeau and Charlotte Cagnon T-4 and Relev 1 slips at the end of the year. The above information wil be uscful when ating the foleral and provincial tax tables foand in Nppeodir A Note that D. Wullps and II. Couver are working at the ales icpartenent. 4. The contrbutions to limplomoent lasurance are as followe Honvore'is thare Acconding to the able in Appersdox A Finployer's thare. 14 fimes the employer's thare. The emploper mast-reain toith the employer ard smplogec contrlhutions and romit the fotal bo fermact Eimployer's shafe 1.4 timses the employee's share. The coployer must retain both the employer and enployee contributions and remit the total to Revenoe Canada no later than the fifteenth day of the month following the month in which the mmployees were paid. 5. The employees mast contribue to the Quebec Pension Man (Revenue Quebec - RQU For calculation pamposes a table is peowided in Appendix A. The employer's contnbution is equal to that of the employee. 6- The employes must contrbute to Quebec Provincial Tnstance Pan, to Revenue Quebee - RQ For calculation Appendix A is provided. 7. The employer contribotes 3.25% of the total gross nalanes to the Quebee Health Services Fund QYISE (In French the "fonds des service de sante" . No amount is withheld front the employee. 8. The Federal and Prowincial income tas deducied from the employes malary is calculated bused on the grom salary using the incoese tax detuction tables provided 4. In completing the payroll journal, the student mest be awars that cmployecs, Diana Whillipe and Olwer Harbcau. have samawed the masimum penvionable earninge of $55,200 in regard to the QFP deductions Ure the 2020 rates 10. A chart of accounts can be found at the beginainge of the Gicncral ledyece. 11- Appendix-A contains the December 31, 20XX bank uatement and ausciated spuce to complete the bank reconciliation for the month ended December 31, 20XX (A) Record the December 20XX transactions in the corresponding SPECIAL, joumal, The totals must be posted correctly to the general ledger. (B) Update the general ledger (C) Prepare the bank reconciliation. (D) Prepare the December 31 , 20XX workaheet. (i3) Prepare the financial statements', including the notes to the financial statements, the supplementary information and calculations required. The financal statements ane provided; simply fill in the proper amounts. (F) Fill out the Tt alip and the Releve 1 for Oliver Barbedu and Charlotte Gagnon, found in Appendix D. (G) Update the Sub ledger of Accounts Recevable and Accounts Fayable as at December 31, 20XX. (H) Prepare adyuting entries (1) Pecpare closiog entrics (0) Prepare reversing entoce. NCYTt- Diccounes for accounos payables and accuants recrivables aust be apply if applicible. Description of the organization and aature of certain operations Fly and Success Etd is located at 3589 Boulevand Industrel, Bhatnvlle QC, J8A-9S2 the company is a clothing merchamdiser. The company sells through retail outlets as well as on credit to major clients 1. The company gives credit terms of 2/10,n30, on the total amount including GST and QSE 2. The company has to determine the federal goods and services tax (GSI) and the Quebec sales tax (QST) For example, it F1Y AND SUCCESS 1.TD buys merchandise from a vendor for $100 and sells it for $200 the calculabions would be as follows: On the seller's books: On the buyer's books: PURCHASE AND SALES TAXES INCIIIIED The rates for cuxes 2021 are GST 5% QST 9975% NOTE: It rates change, the student must use the actual rates while prepaning the Project. The simulation includes purchases and sales taxes excluded and purchases and sales taxes includec. To register the journal entry, refer what is required in each transaction The net balance in the GSI \& QST Recivable and Bayable accounts will result in a monthly remitance to Rexzmue Oucboc where the net balances of these accounts is a credit. Revenue Quebec will give the fedent NOTE: If rates change, the sudent must use the actial rates whale peeparing the Propect. The simulation includes purchases and sales taxes excluded and purchases and sales taxes included. To register the journal entry, refer what is nequited in each transaction The net balance in the GST \& QST Receivable and Bayable accounts will result in a monthly emittence to Revenue Quebec where the net balances of these accounts is a eredit. Revenue Quebee will gie the foderal governatent its portion of the total respectively. The company prepares a bow-wekly (26 pay periods per yeat) paroll for its four employen. The following information will be useful in preparing the payroll. To facilitate your task, you will only update the information at the end of the year, and also, you will To facilitate your task, you will only update the information at the end of the year, and aso, you will bave to complete Ollver Barbeau and Charlotte Cagnon T-4 and Relev 1 slips at the end of the year. The above information wil be uscful when ating the foleral and provincial tax tables foand in Nppeodir A Note that D. Wullps and II. Couver are working at the ales icpartenent. 4. The contrbutions to limplomoent lasurance are as followe Honvore'is thare Acconding to the able in Appersdox A Finployer's thare. 14 fimes the employer's thare. The emploper mast-reain toith the employer ard smplogec contrlhutions and romit the fotal bo fermact Eimployer's shafe 1.4 timses the employee's share. The coployer must retain both the employer and enployee contributions and remit the total to Revenoe Canada no later than the fifteenth day of the month following the month in which the mmployees were paid. 5. The employees mast contribue to the Quebec Pension Man (Revenue Quebec - RQU For calculation pamposes a table is peowided in Appendix A. The employer's contnbution is equal to that of the employee. 6- The employes must contrbute to Quebec Provincial Tnstance Pan, to Revenue Quebee - RQ For calculation Appendix A is provided. 7. The employer contribotes 3.25% of the total gross nalanes to the Quebee Health Services Fund QYISE (In French the "fonds des service de sante" . No amount is withheld front the employee. 8. The Federal and Prowincial income tas deducied from the employes malary is calculated bused on the grom salary using the incoese tax detuction tables provided 4. In completing the payroll journal, the student mest be awars that cmployecs, Diana Whillipe and Olwer Harbcau. have samawed the masimum penvionable earninge of $55,200 in regard to the QFP deductions Ure the 2020 rates 10. A chart of accounts can be found at the beginainge of the Gicncral ledyece. 11- Appendix-A contains the December 31, 20XX bank uatement and ausciated spuce to complete the bank reconciliation for the month ended December 31, 20XX (A) Record the December 20XX transactions in the corresponding SPECIAL, joumal, The totals must be posted correctly to the general ledger. (B) Update the general ledger (C) Prepare the bank reconciliation. (D) Prepare the December 31 , 20XX workaheet. (i3) Prepare the financial statements', including the notes to the financial statements, the supplementary information and calculations required. The financal statements ane provided; simply fill in the proper amounts. (F) Fill out the Tt alip and the Releve 1 for Oliver Barbedu and Charlotte Gagnon, found in Appendix D. (G) Update the Sub ledger of Accounts Recevable and Accounts Fayable as at December 31, 20XX. (H) Prepare adyuting entries (1) Pecpare closiog entrics (0) Prepare reversing entoce. NCYTt- Diccounes for accounos payables and accuants recrivables aust be apply if applicible