Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

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: $100,000 Alberta: $60,000 Nova Scotia: $5,000 United States: $20,000 Expenses (excluding any applicable GST/HST and acquired in Ontario) for the same period consisted of: Purchases of inventory: $83,000 Meals and entertainment: $10,000 Internet (business portion) and office supplies: $2,000 "Movember" charitable donations: $5,500 Rent (the company operates out of the owner's principal residence): $25,000 Legal and accounting fees: $12,000 HST instalments for the reporting period totalled $5,000. 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 United States $10,000 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 GST/HST refund 2. When is the filing deadline and balance due date for the 2021-01-01 to 2021-12-31 reporting period? (Enter dates in a YYYY-MM- DD format.) Filing deadline Balance due date

Step by Step Solution

3.32 Rating (152 Votes )

There are 3 Steps involved in it

Step: 1

Total taxable supplies Ontario 100000 Alberta 60000 Nova Scotia 60000 Total ... 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

Operations management processes and supply chain

Authors: Lee J Krajewski, Larry P Ritzman, Manoj K Malhotra

9th edition

9788131728840, 136065767, 8131728846, 978-0136065760

More Books

Students explore these related Accounting questions

Question

.

Answered: 3 weeks ago