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"Urban Designs" is a re-seller of home & industrial furnishings. The business is located at 1234 Willow Street, Toronto, Ontario. The Company sells all types of fixtures to consumers, businesses and re-sellers. The "BN" number assigned by CRA is BN#123456789. CRA has assigned a quarterly reporting period. The GST/HST return is due April 30, 2017, for reporting period Feb. & Mar. 31, 2017. As the accountant you are to prepare the required GST/HST return. Sales information: Invoice amount includes all applicable taxes. Assume customers are in Ontario unless otherwise noted. Invoice Date Invoice # Customer Name Invoice Amount ($) Feb.20 105 Ryan Smith 4,675 Feb.30 106 The Bay (for store fixtures) Delivered in Vancouver, BC 10,000 Mar. 6 107 Mr. Sky Bird (Cdn. Aboriginal Indian) Use on Reserve 7,650 Mar. 7 104 CN To Jennifer Joyce 3,000 Mar. 12 108 Sale to Prov. Govt. of "Alberta" 4,550 Mar. 18 109 Sale to J. C. Penny's in New York, USA 17,580 Mar. 21 Other Bad debt, Ryan Smith, 60% of #105 Mar. 22 110 Sale to Jennifer Lopez while attending TIFF in Toronto 7,450 Mar. 28 Cash refund Partial return from a Customer - 1,250 Mar. 29 Other Recovery of Bad debt, Retail sale, Product value Only 3,785 Mar. 30 111 Sale to Sears, volume discount applied. List price is 1,400 per fixture 5 purchased for $6,000 (Product value only) Purchase information: Product value or service fee only, unless otherwise stated Invoice Date Purchase Description Invoice Amount ($) Feb.18 Payroll processing fee pd. to Ceridian Payroll Service, txs. Incl. 298 Feb.25 President Golf Club, annual dues, taxes included 12,500 Mar.5 Business Entertainment expenses, Credit Card amount 495 Mar.8 Vehicle repairs to delivery truck, Labour 850 Mar.10 Monthly telephone & internet fee, taxes included 395 Mar.16 Purchase of goods (for re-sale), from USA CDN$ 15,000 (CRA Assessed Cdn. Equivalent is $20,000) Mar.20 Warranty purchased for warehouse equipment 1,260 Additional information for March. 2017 1. Free samples were provided to Sears (Inventory Cost $1,000) 2. The Owner of the business transferred a Projection & Audio System to the business. Business Use will be 80%. , Taxes included, $12,800. FMV at time of transfer was $7,000 (Taxes. Excluded.) 3. $1,000 was paid by vendor to The Bay to re-imburse for coupons presented from customers. These coupons had been downloaded and printed by home owners from Urban Designs website. Required: Round all answers to the dollar! a) Prepare the GST/HST return for the quarter ending Mar. 31, 2017 (due April 30, 2017). Separately, show how you arrived at the totals by Line item on the GST/HST return. b) Prepare a computer spread sheet showing the applicable GST/HST for each transaction. c) Prepare the journal entries to record the payment/refund of GST/HST. d) Prepare journal entries to record the February Sales transactions plus the Additional information for March. 2017. ONLY!

ACC 400 Summer 2017 ASSIGNMENT #1 MARKS: 10% OF FINAL GRADE DATE DUE: Thursday, June 8, 2017 at the beginning of the class. (Late Assignments will not be accepted) Question 1 \"Urban Designs\" is a re-seller of home & industrial furnishings. The business is located at 1234 Willow Street, Toronto, Ontario. The Company sells all types of fixtures to consumers, businesses and re-sellers. The \"BN\" number assigned by CRA is BN#123456789. CRA has assigned a quarterly reporting period. The GST/HST return is due April 30, 2017, for reporting period Feb. & Mar. 31, 2017. As the accountant you are to prepare the required GST/HST return. Sales information: otherwise noted. Invoice amount includes all applicable taxes. Assume customers are in Ontario unless Invoice Date Feb.20 Feb.30 Invoice # 105 106 Customer Name Invoice Amount ($) Ryan Smith 4,675 The Bay (for store fixtures) Delivered in Vancouver, BC 10,000 Mar. 6 Mar. 7 Mar. 12 Mar. 18 Mar. 21 Mar. 22 Mar. 28 Mar. 29 Mar. 30 107 104 CN 108 109 Other 110 Cash refund Other 111 Mr. Sky Bird (Cdn. Aboriginal Indian) Use on Reserve 7,650 To Jennifer Joyce 3,000 Sale to Prov. Govt. of \"Alberta\" 4,550 Sale to J. C. Penny's in New York, USA 17,580 Bad debt, Ryan Smith, 60% of #105 Sale to Jennifer Lopez while attending TIFF in Toronto 7,450 Partial return from a Customer 1,250 Recovery of Bad debt, Retail sale, Product value Only 3,785 Sale to Sears, volume discount applied. List price is 1,400 per fixture 5 purchased for $6,000 (Product value only) Purchase information: Product value or service fee only, unless otherwise stated Invoice Date Feb.18 Feb.25 Purchase Description Payroll processing fee pd. to Ceridian Payroll Service, txs. Incl. President Golf Club, annual dues, taxes included Mar.5 Mar.8 Mar.10 Mar.16 Business Entertainment expenses, Credit Card amount Vehicle repairs to delivery truck, Labour Monthly telephone & internet fee, taxes included Purchase of goods (for re-sale), from USA (CRA Assessed Cdn. Equivalent is $20,000) Warranty purchased for warehouse equipment Mar.20 Invoice Amount ($) 298 12,500 495 850 395 CDN$ 15,000 1,260 Additional information for March. 2017 1. Free samples were provided to Sears (Inventory Cost $1,000) 2. The Owner of the business transferred a Projection & Audio System to the business. Business Use will be 80%. , Taxes included, $12,800. FMV at time of transfer was $7,000 (Taxes. Excluded.) 3. $1,000 was paid by vendor to The Bay to re-imburse for coupons presented from customers. These coupons had been downloaded and printed by home owners from Urban Designs website. Required: Round all answers to the dollar! a) Prepare the GST/HST return for the quarter ending Mar. 31, 2017 (due April 30, 2017). Separately, show how you arrived at the totals by Line item on the GST/HST return. b) Prepare a computer spread sheet showing the applicable GST/HST for each transaction. c) Prepare the journal entries to record the payment/refund of GST/HST. d) Prepare journal entries to record the February Sales transactions plus the Additional information for March. 2017. ONLY! Question 2 Employee, Mary Carnegie Employee, Harold Bond Annual Salary $56,000 $44,000 Fed. & Prov. Claim Code to be determined to be determined Requireduse the 2017 Ontario Payroll Deduction Guides & the TD1 tax credit forms provided to you on blackboard. 1. Calculate the Federal & Provincial tax credits and CLAIM AMOUNT based on the following information and determine the claim code for income tax deduction purposes for each employee: Show your calculations. Mary Carnegie Harold Bond a) b) c) d) Married; spouse has net income of $3,800 Age 56 Child age 7 Grandmother lives with Mary, net income $10,000 Single and disabled and infirm Age 40 Part time student at College for 6 months Paid tuition of $2,800 2. Calculate gross pay, CPP deduction, EI deduction, Federal Taxes, Ontario Taxes for Mary & Harold for entire month of Jan. 2017. Assume both employees have been employed since January 1, 2017. 3. Pay Period type: Semi-monthly 4. Prepare the payroll Journals by Employee & Total Company for the entire month of Jan/17. (Hint: 2 payrolls in Jan/17) 5. Calculate the Payroll tax deductions (business & employee) that will be payable to CRA on February 15, 2017. 6. Prepare the Journal Entry to record the payroll tax payment to CRA.