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Muskoka Boys Shaving Co. (MBSC) is a GST/HST registrant operating an online store in Ontario's cottage country region. The company specializes in selling fine
Muskoka Boys Shaving Co. ("MBSC") is a GST/HST registrant operating an online store in Ontario's cottage country region. The company specializes in selling fine grooming products for men. It is June 1, 2022 and the company is preparing its GST/HST filing for the 2021-01-01 to 2021-12-31 reporting period. During 2021, the company made sales (excluding GST/HST) to the following locations: Ontario: $60,000 Alberta: $20,000 Nova Scotia: $15,000 United States: $8,000 Expenses (excluding any applicable GST/HST and acquired in Ontario) for the same period consisted of: Purchases of inventory: $53,000 Meals and entertainment: $2,000 Rent (the company operates out of the owner's principal residence): $14,400 Legal and accounting fees: $5,000 HST instalments for the reporting period totalled $1,500. Internet (business portion) and office supplies: $1,200 "Movember" charitable donations: $1,000 MBSC has also been approached by an online lifestyle blog to write an article on the benefits of cartridge razors over disposable razors. MBSC will invoice the blog's head office in British Columbia $2,000 for the article when it is completed on July 1, 2022. Required: 1. Determine the GST/HST refund or balance owing for the 2021-01-01 to 2021-12-31 reporting period. Be sure to include total taxable supplies, total GST/HST collected, and total ITCs. (Enter all numbers as positive amounts.) Total taxable supplies Total GST/HST collected Total Input Tax Credits (ITCs) Total GST instalments
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