Question
Ms. Marcia Brady lives and works in Prince Edward Island. She owns and operates a No Frills grocery store, which is an HST registrant. During
Ms. Marcia Brady lives and works in Prince Edward Island. She owns and operates a No Frills grocery store, which is an HST registrant. During the current year, her business has total revenue of $1,884,043. 27% of the total revenue is from the sale of fully taxable supplies. 43% of the total revenue is from the sale of zero-rated supplies. The total revenue balance includes applicable HST. Rent for the period on her store was $24,000 and she pays a clerical assistant an annual salary of $28,500. Her capital expenditures during the period are for new shelving with a cost of $40,000 and computer point-of-sale hardware for $60,000. All expenditure amounts are before HST. The current expenditures and all the assets are used 72% for the provision of taxable supplies. Brady files her business HST return on an annual basis. Determine the net HST payable or the refund for the year. (Note: In your answer, a refund should be indicated as a negative number and a payable should be indicated as a positive number)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started