K Ltd., a Canadian company, had sales of $2,400,000 in the last reporting period of the fiscal year ($2,000,000 within Canada and $400,000 outside of Canada). During the same period, the following expenditures were incurred: inventory purchased $600,000, equipment purchased $80,000, salaries & wages $300,000, rent $130,000, insurance $10,000, and interest expense $25,000. What is the amount of GST to be remitted to the CRA for the reporting period?

K Ltd., a Canadian company, had sales of $2,400,000 in the last reporting period of the fiscal year ($2,000,000 within Canada and $400,000 outside of Canada). During the same period, the following expenditures were incurred: inventory purchased $600,000, equipment purchased $80,000, salaries & wages $300,000, rent $130,000, insurance $10,000, and interest expense $25,000. What is the amount of GST to be remitted to the CRA for the reporting period?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter22: S Corporations

Section: Chapter Questions

Problem 16CE

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