a. 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? ii. What amount is she required to remit to the government for the period?

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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Question
Calibri (Body)
2 Wrap Text v
te
В I
U v
Merge & Center v
XV fx
A
B
C
E
F
G
Q5: Solve the following 3 problems related to GST, HST, PST,
CLR 1- Obj. 5
L2
Marks
a.
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 raised
i.
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 additional
expenses? Calculate the new revised property tax rate (in %)
iv.
How much additional property taxes will the owner of $55750 property have to pay?
Instructions
Questions 1-11
+
eady
MacB
四
| 三
Transcribed Image Text:Calibri (Body) 2 Wrap Text v te В I U v Merge & Center v XV fx A B C E F G Q5: Solve the following 3 problems related to GST, HST, PST, CLR 1- Obj. 5 L2 Marks a. 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 raised i. 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 additional expenses? Calculate the new revised property tax rate (in %) iv. How much additional property taxes will the owner of $55750 property have to pay? Instructions Questions 1-11 + eady MacB 四 | 三
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