MedTalks Inc. is a small CCPC tha tprovides first aid trainings services and medical certification workshops to
Question:
MedTalks Inc. is a small CCPC tha tprovides first aid trainings services and medical certification workshops to various businesses, schools and nonprofit organizations. Their only source of income is instructional fees for providing the applicable medical and first aid trainingeducational services. The following is a condensed income statement for the business in the current year, prepared using generally accepted accounting principles GAAP:
Revenue fees for service $
Operating expenses $
Depreciation expense $
Salaries, wages and remuneration expense $
Advertising and administrative expenses $
Net Income $
Other information:
During the current year, MedTalks Inc. purchased equipment that cost $ commercial use
Of the Operating expenses, relate to fully taxable supplies commercial use and relates to exempt supplies.
Of the total revenue, $ relates to fully taxable supplies. The remainder was exempt supplies.
Included in Advertising and administrative expenses are meals and entertainment costs of $ The remainder of the advertising costs relate to fully taxable supplies.
REQUIRED: Calculate the net GST Payable or Refund for MedTalks Inc. for the current year.
Canadian Income Taxation Planning And Decision Making
ISBN: 9781259094330
17th Edition 2014-2015 Version
Authors: Joan Kitunen, William Buckwold