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Lucasville Ltd. carries on a retail business located in Ontario. The HST rate is 13%. The remittance rate is 4.4% for a retail business and 8.8% for a service business. All of the company's revenues and expenses are incurred in Ontario. There are no associated persons, and the company files its HST return on an annual basis. The accompanying income statement has been prepared for the current year. None of the amounts include HST. = (Click the icon to view the income statement.) A (Click the icon to view the other information.) Required . Requirement A. Calculate Lucasville's net HST payable or HST refund for the current year using the regular HST method. (Round your answer to the nearest dollar. Use parentheses or a minus sign for a refund.) Lucasville's net HST payable (HST refund) for the current year is $ Requirement B. Determine whether Lucasville is eligible to use the quick method. Explain. Complete the sentences below. (Round your answer to the nearest dollar.) Lucasville eligible to use the quick method. Lucasville's HST-included taxable sales is $, which is than the limit for HST-included taxable sales. Lucasville engaged in a business that is ineligible to use the quick method, such as accounting. Requirement C. On the assumption that Lucasville is eligible to use the quick method at a remittance rate of 4.4%, calculate the HST payable or HST refund for the current year using the quick method. (Round your answer to the nearest dollar. Use parentheses or a minus sign for a refund.) Lucasville's net HST payable (HST refund) for the current year using the quick method is $ Income Statement $ 110,000 43,000 153,000 $ Revenues: Sales of fully taxable goods Provision of exempt services Total revenues Less expenses: Cost of goods sold Depreciation expense Salaries and wages expense Rent expense Interest expense Other expenses Total expenses Accounting Income before taxes Less: Federal and Provincial income taxes Net Accounting income (61,000) (8,800) (8,300) (23,000) (3,700) (12,400) (117,200) $ 35,800 (7,100) 28,700 Print Done - Other information 1. Purchases of inventory in the year totalled $65,000. 2. The "other expenses" are all attributable to fully taxable supplies. 3. Of the salaries and wages, 23% are attributable to exempt services. The remaining 77% is attributable to taxable supplies. 4. The company purchased equipment at a cost of $36,120 which includes HST. It is estimated that 55% of the use of the equipment is attributable to taxable supplies and 45% to exempt services. The depreciation expense relates solely to the equipment Print Done Lucasville Ltd. carries on a retail business located in Ontario. The HST rate is 13%. The remittance rate is 4.4% for a retail business and 8.8% for a service business. All of the company's revenues and expenses are incurred in Ontario. There are no associated persons, and the company files its HST return on an annual basis. The accompanying income statement has been prepared for the current year. None of the amounts include HST. = (Click the icon to view the income statement.) A (Click the icon to view the other information.) Required . Requirement A. Calculate Lucasville's net HST payable or HST refund for the current year using the regular HST method. (Round your answer to the nearest dollar. Use parentheses or a minus sign for a refund.) Lucasville's net HST payable (HST refund) for the current year is $ Requirement B. Determine whether Lucasville is eligible to use the quick method. Explain. Complete the sentences below. (Round your answer to the nearest dollar.) Lucasville eligible to use the quick method. Lucasville's HST-included taxable sales is $, which is than the limit for HST-included taxable sales. Lucasville engaged in a business that is ineligible to use the quick method, such as accounting. Requirement C. On the assumption that Lucasville is eligible to use the quick method at a remittance rate of 4.4%, calculate the HST payable or HST refund for the current year using the quick method. (Round your answer to the nearest dollar. Use parentheses or a minus sign for a refund.) Lucasville's net HST payable (HST refund) for the current year using the quick method is $ Income Statement $ 110,000 43,000 153,000 $ Revenues: Sales of fully taxable goods Provision of exempt services Total revenues Less expenses: Cost of goods sold Depreciation expense Salaries and wages expense Rent expense Interest expense Other expenses Total expenses Accounting Income before taxes Less: Federal and Provincial income taxes Net Accounting income (61,000) (8,800) (8,300) (23,000) (3,700) (12,400) (117,200) $ 35,800 (7,100) 28,700 Print Done - Other information 1. Purchases of inventory in the year totalled $65,000. 2. The "other expenses" are all attributable to fully taxable supplies. 3. Of the salaries and wages, 23% are attributable to exempt services. The remaining 77% is attributable to taxable supplies. 4. The company purchased equipment at a cost of $36,120 which includes HST. It is estimated that 55% of the use of the equipment is attributable to taxable supplies and 45% to exempt services. The depreciation expense relates solely to the equipment Print Done