Determine the net hst payable or refund for the quarter

Assignment Help Accounting Basics
Reference no: EM133177391

Questions -

Q1. All of the operations of June Ltd. are located in Ontario where the relevant HST rate is 13 percent. During the current quarter, June Ltd. has taxable sales of $1305000 before HST. Its cost of sales for the period was $874000 before HST and its merchandise inventories increased by 120000, again before HST. Salaries and wages for the period totaled $74000, interest expense was $12000, and amortization expense was $85000. No capital expenditures were made during the period. Determine the net HST payable or refund for the quarter.

During a taxation period, Darcy Wholesalers purchased merchandise for $233000. Merchandise sales during this period totaled $439000 and the cost of the merchandise sold was 250000. Ignoring all other costs incurred by Darcy and assuming a rate of 5 percent, how much tax would be paid by Darcy under an invoice-credit VAT system (net tax owing)?

Reference no: EM133177391

Questions Cloud

How orientation can help new employees : Workplace diversity isn't just an inclusion fad, it is something most companies are trying to achieve. Debate any FIVE (5) main benefits of diversity in the wor
Calculate the npv for both conveyor belt systems : System A costs $300,000, has a four-year life, and requires $101,000 in pretax annual operating costs. Calculate the NPV for both conveyor belt systems
Sector inc contract workforce : In 2010, Sector INC. a large manufacturer of computer printers and other peripherals, established a task force to determine the most appropriate use of contract
Utilizing diverse teams within organization : What are some advantages to utilizing diverse teams within an organization?
Determine the net hst payable or refund for the quarter : All of the operations of June Ltd. are located in Ontario where the relevant HST rate is 13 percent. Determine the net HST payable or refund for the quarter
Discuss the outcomes of job satisfaction : Discuss the essay question below, students are required to provide relevant examples in their presentation. 1. Discuss the outcomes of Job Satisfaction.
Workplace requires interpersonal skills-management skills : As discussed in the unit lesson, resolving conflict in the workplace requires using interpersonal skills, management skills, and techniques.
Prepare a stockholders equity statement for the year : Issued 34,000 shares of common stock for cash at $7 per share. Prepare a stockholders equity statement for the year
Define employee benefits : Define Employee Benefits and give examples. Identify and describe factors that have led to the growth of employee benefits. Outline the value of employee benefi

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd