Question: Using the GST_HST Return, complete the return using the following information. You will not be using the quick method: Billions of Bangles' is located in
Using the GST_HST Return, complete the return using the following information. You will not be using the quick method: Billions of Bangles' is located in Ontario. The income statement shows that sales for the period were $26,852. The GST/HST Collected account has a balance of $3490.76. The GST/HST Paid account has a balance of $2652.32. The Bad Debt expense account has a balance of $975 for two invoices that were written off after months of the customer not paying the invoices. Billions of Bangles paid a total of $500 in instalments for this period. Assume that all sales are taxable sales. The business made no purchases of real property or emissions allowances. Arrive at the amount that Billions of Bangles will either pay or claim
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
