Required:1. Determine the GST/HST refund or balance owing for the 2021-01-01 to 2021-12-31 reporting period. Be sure to include totaltaxable supplies, total GST/HST collected, and total ITCs. (Enter all numbers as positive amounts.)Total taxable suppliesTotal GST/HST collectedTotal Input Tax Credits (ITCS)Total GST instalmentsGST/HST refund2. When is the filing deadline and balance due date for the 2021-01-01 to 2021-12-31 reporting period? (Enter dates in a YYYY-MM-DD format.)Filing deadlineBalance due date Muskoka Boys Shaving Co. ("MBSC") is a GST/HST registrant operating an online store in Ontario's cottage country region. Thecompany specializes in selling fine grooming products for men. It is June 1, 2022 and the company is preparing its GST/HST filing forthe 2021-01-01 to 2021-12-31 reporting period.During 2021, the company made sales (excluding GST/HST) to the following locations:• Ontario: $100,000• Alberta: $60,000• Nova Scotia: $5,000• United States: $20,000Expenses (excluding any applicable GST/HST and acquired in Ontario) for the same period consisted 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: $12,000HST 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 disposablerazors. MBSC will invoice the blog's head office in United States $10,000 for the article when it is completed on July 1, 2022.

Goods & Service Tax in Ontario charges 13% HST on goods and services. Goods & Service Tax in…

Required: 1. Determine the GST/HST refund or balance owing for the 2021-01-01 to 2021-12-31 reporting period. Be sure to include total taxable supplies, total GST/HST collected, and total ITCs. (Enter all numbers as positive amounts.) Total taxable supplies Total GST/HST collected Total Input Tax Credits (ITCS) Total GST instalments GST/HST refund 2. When is the filing deadline and balance due date for the 2021-01-01 to 2021-12-31 reporting period? (Enter dates in a YYYY-MM- DD format.) Filing deadline Balance due date

Required: 1. Determine the GST/HST refund or balance owing for the 2021-01-01 to 2021-12-31 reporting period. Be sure to include total taxable supplies, total GST/HST collected, and total ITCs. (Enter all numbers as positive amounts.) Total taxable supplies Total GST/HST collected Total Input Tax Credits (ITCS) Total GST instalments GST/HST refund 2. When is the filing deadline and balance due date for the 2021-01-01 to 2021-12-31 reporting period? (Enter dates in a YYYY-MM- DD format.) Filing deadline Balance due date

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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