Muskoka Boys Shaving Co. (MBSC) is a GST/HST registrant operating an online store in Ontario's cottage...
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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, 2022 and the company is preparing its GST/HST filing for the 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: $20,000 Expenses (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: $12,000 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, 2022. 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 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, 2022 and the company is preparing its GST/HST filing for the 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: $20,000 Expenses (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: $12,000 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, 2022. 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
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Answer rating: 100% (QA)
Total taxable supplies Ontario 100000 Alberta 60000 Nova Scotia 60000 Total ... View the full answer
Related Book For
Operations management processes and supply chain
ISBN: 978-0136065760
9th edition
Authors: Lee J Krajewski, Larry P Ritzman, Manoj K Malhotra
Posted Date:
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