ABC Costume store has registered and filed for the Quick Method of reporting their GST/HST return....

  

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ABC Costume store has registered and filed for the Quick Method of reporting their GST/HST return. They are a quarterly filer and are registered in Ontario. Their supplies were made in a participating province with the rate of 8.8%. In Q1 of 2021 their sales were $95,000 including GST/HST (GROSS) and they paid $12,350.00 in GST/HST ITCs on goods and equipment. The GST/HST ITCs on goods was $2,350.00 and the GST/HST ITCS on equipment was $10,000. Prepare a Quick Return for Q1 of 2021 based on the above information. ABC Costume store has registered and filed for the Quick Method of reporting their GST/HST return. They are a quarterly filer and are registered in Ontario. Their supplies were made in a participating province with the rate of 8.8%. In Q1 of 2021 their sales were $95,000 including GST/HST (GROSS) and they paid $12,350.00 in GST/HST ITCs on goods and equipment. The GST/HST ITCs on goods was $2,350.00 and the GST/HST ITCS on equipment was $10,000. Prepare a Quick Return for Q1 of 2021 based on the above information.

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To prepare a Quick Return for Q1 of 2021 for ABC Costume store based on the provided information fol... View the full answer