Calibri (Body)2 Wrap Text vteВ IU vMerge & Center vXV fxABCEFGQ5: Solve the following 3 problems related to GST, HST, PST,CLR 1- Obj. 5L2Marksa.Meredith owns a flower shop in Ontario (Assume GST of 5%). Over a 3 month period her revenues from sales was$84900.i.How much GST did she collect?ii,If she purchased products and services costing her $25750. How much GST did she pay?iii.What amount is she required to remit to the government for the period?b.Astore located in British Columbia sold a desk top computer for $1688 plus GST (5%) and PST 7%).i.What is the total price the consumer must pay for this computer?ii.What would the consumer in Ontario (HST 13%) have to pay for the same computer?iii.What is the difference in paid by the resident of BC and of Ontario?Atown has a total residential property assessment of $985550000. It initially estimated that $57565000 must be raisedi.C.What tax rate (in %) per $1000 must be set to raise the $57565000?ii.What are the property taxes ($ value) for a property assessed at $55750?iii.If an additional $3000000 must be raised, what is the increase in the tax rate required to meet the additionalexpenses? Calculate the new revised property tax rate (in %)iv.How much additional property taxes will the owner of $55750 property have to pay?InstructionsQuestions 1-11+eadyMacB四| 三

GST Collected = Revenue x GST Rate GST Payment = Purchases x GST Rate GST Remittance = GST…

Answered: a. Meredith owns a flower shop in…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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