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FINANCIAL ACCOUNTING
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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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, 2023 and the company is preparing its GST/HST filing for the 2022-01-01 to 2022-12-31 reporting period. During 2022, 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 consist 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, 2023. Required: 1. Determine the GST/HST refund or balance owing for the 2022-01-01 to 2022-12-31 reporting period. Be sure to include total taxable supplies, total GST/HST collected, and total ITCs. (Enter all numbers as positive amounts.) X Answer is not complete. Total taxable supplies Total GST/HST collected Total Input Tax Credits (ITCs) Total GST instalments GST/HST refund 185,000✔ 5,000✔
Transcribed Image Text: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, 2023 and the company is preparing its GST/HST filing for the 2022-01-01 to 2022-12-31 reporting period. During 2022, 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 consist 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, 2023. Required: 1. Determine the GST/HST refund or balance owing for the 2022-01-01 to 2022-12-31 reporting period. Be sure to include total taxable supplies, total GST/HST collected, and total ITCs. (Enter all numbers as positive amounts.) X Answer is not complete. Total taxable supplies Total GST/HST collected Total Input Tax Credits (ITCs) Total GST instalments GST/HST refund 185,000✔ 5,000✔
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