Assignment #6 Instructions F23

pdf

School

Holmes Colleges Melbourne *

*We aren’t endorsed by this school

Course

101

Subject

Accounting

Date

Nov 24, 2024

Type

pdf

Pages

1

Uploaded by HighnessJaguarMaster267

Report
ACCT69 Basic Bookkeeping Assignment #6 Mark ____/20 Value 5% As usual, this is not a group activity, this exercise must be completed on your own, and your own file submitted to D2L. Working with others or accepting help from others on this assignment may result in academic penalties under the College's Academic Integrity Policy, which may prevent you from successfully completing this course. Question #1 . Using the PDF file provided; OPEN IN ADOBE and enter the following information, complete a GST/HST return for the Wildstone Outdoor Company. Business No 123456789 for the reporting period January 1 st to March 31 st , 2023. 1. The fiscal year end is December 31 st. 2. Sales per the General Ledger as of March 31 st is $36,225.45. 3. The HST Payable account as of March 31 st is $4,709.31. 4. Balance in the HST-ITC account as of March 31 st is $1,490.18. Question #2 Pundit Company is located in Ontario and makes money off its services only in Ontario. The annual revenue excluding HST is $200,000 and its annual expenses are $50,000 for salaries and $12,000 for other expenses. Should Pundit Company use the Regular method to calculate HST or the Quick Method? Using the Excel file provided figure out the following. You can choose to either create formulas, or show your math for this exercise, but you do have to show me how you came up with the totals to get the marks. Regular Method of remittance by form: A. What value would appear on line 103 of your remittance? B. What value would appear on line 106 of your remittance? C. Using these two numbers figure out what value would appear on line 115. Quick Method: D. Enter a value for Revenue + HST. E. FIRST: look up what % you would use to calculate remittance on table shown below. Fill % into the yellow cell in Excel. Then using formulas or by showing work figure out the corresponding dollar value. F. Does a credit deduction apply? If so, for what amount? (Slide 26 of presentation) G. Using the values above, calculate the amount of remittance. H. Make a final statement in sentence structure to make a recommendation on which method to use. See Slide 25 for more information on the image above.
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