Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Instructions: Respond to the questions below. 1. XYZ Clothing store has registered and filed for the Quick Method of reporting their GST/HST return. They are

image text in transcribed
Instructions: Respond to the questions below. 1. XYZ Clothing store has registered and filed for the Quick Method of reporting their GST/HST return. They are a quarterly filer and are registered in Ontario. 2020 sales including HST per quarter were $79,000 for Q1, $119,000 for Q2, $129,000 for Q3 and $71,000 for 04. Their supplies were made in a participating province with the rate of 4.4%. In Q1 of 2021 their sales were $64,000 including GST/HST and they paid $8,800.00 in GST/HST on goods. Does XYZ Clothing store still qualify to use the quick method given the new information regarding sales of $64,000 in Q1 of 2021? Prepare a Quick Return for Q1 of 2021 based on the above information. An excel spreadsheet has been provided for you in Lesson 9 to fill in. Please provide the values for lines: 101, 105, 108, 109 and either 114 or 115 depending on your

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_2

Step: 3

blur-text-image_3

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

China's Air Pollution Problems

Authors: Claudio O Delang

1st Edition

1317209281, 9781317209287

More Books

Students also viewed these Economics questions