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Calculate the net HST payable

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Question - All of the operations of Ozzy Co. are located in Prince Edward Island where the HST rate is 15%. During the current quarter, Ozzy Co. had taxable sales of $1,220,000 before HST. Its cost of sales for the period was $815,000 before HST and its inventories increased by $ 136,000 before HST. Salaries and wages for the period totaled $111,000, interest expense was $17,500 and amortization expense for the period was $66,000. Capital expenditures made during the quarter totaled $50,000 - all 100% used in commercial activity. The Company also had current expenses for deductible business meals and entertainment of $18,000. Calculate the net HST payable or refund for the quarter. Show your calculations.

Reference no: EM132476642

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