K Ltd., a Canadian company, had sales of $3,500,000 in the last reporting period of the fiscal year ($3,000,000 within Canada and $500,000 outside of Canada). During the same period, the following expenditures were incurred: 

inventory purchased $800,000, 

equipment purchased $100,000,

 salaries & wages $400,000, 

rent $170,000, 

insurance $20,000, and 

interest expense $30,000. 

All sales were made in a GST province. 

What is the amount of GST to be remitted to the CRA for the reporting period?

Answer rating: 100% (QA)

To calculate the amount of Goods and Services Tax GST to be remitted to the Canada Revenue Agency CR... View the full answer