step by step Question 6 5 marks Your client ( an individual ) operates a service business as a sole proprietorship in Ontario The HST rate is 13 The remittance rate (for services using the quick method is 8 8 ) She has provided you with the following information for 2020 All amounts are excluding HST Revenue excluding HST $282,500 Current expenditures excluding HST 59,325 Capital expenditures excluding HST 16,950 Required Calculate the amount of the taxpayers net HST remittance under the following two assumptions a) Taxpayer d oes not make an election to use the quick method b) Taxpayer does make an election to use the quick method 2 bonus marks

The Answer is in the image, click to view ...

Question: step by step Question 6: 5 marks Your client ( an individual ) operates a service business as a sole proprietorship in Ontario. The HST

step by step

Question 6: 5 marks

Your client (an individual) operates a service business as a sole proprietorship in Ontario. The HST rate is 13%. The remittance rate (for services using the quick method is 8.8%). She has provided you with the following information for 2020:

All amounts are excluding HST

Revenue excluding HST	$282,500
Current expenditures excluding HST	59,325
Capital expenditures excluding HST	16,950

Required: Calculate the amount of the taxpayers net HST remittance under the following two assumptions:

a) Taxpayer does not make an election to use the quick method.

b) Taxpayer does make an election to use the quick method. [ 2 bonus marks]

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Answer BOTH items below: i) HST (5 marks) Your client (an individual) operates a service business as a sole proprietorship in Ontario. The HST rate is 13%. The remittance rate (for services using the...

Answer BOTH items below: HST (5 marks) Your client (an individual) operates a service business as a sole proprietorship in Ontario. The HST rate is 13%. The remittance rate (for services using the...

HST (5 marks) Your client (an individual) operates a service business as a sole proprietorship in Ontario. The HST rate is 13%. The remittance rate (for services using the quick method is 8.8%). She...

Computerized Accounting with Sage 50 Level 2 Dermal Decor INTRODUCTION This project will test your understanding of the Sage 50 Accounting application and your ability to apply the features of this...

Computerized Accounting with Sage 50 Level 2 The Dog House INTRODUCTION This project will test your understanding of the Sage 50 Accounting application and your ability to apply the features of this...

The information provided in this test allows you to set up all ledgers for an Ontario company named DERMAL DECOR. Dermal Decor specializes in high quality aesthetic body art with sterile equipment....

Hi I know you opted out of an earlier question. I have several open questions. I really need to get them in. Would you be willing to take any of these questions? I have been waiting for 3 days. I...

You supervise in a company that is a low payer relative to competitors. What things do you have control over to increase the likelihood that workers will feel fairly treated?

Consider a satellite network consisting of a constellation of S satellites placed at an altitude of 1,000km above the Earth (Earths diameter is ?12,750km) and G ground stations connecting both...

What is the difference between the nominal and the real interest rate?

Suppose that Novak Company experienced a reduction in its ROE over the last year. This fall could be attributed to what factor?