Determine the net hst payable or the refund

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Ms. Marcia Brady lives and works in Prince Edward Island. She owns and operates a No Frills grocery store, which is an HST registrant. During the current year, her business has total revenue of $1,482,326. 29% of the total revenue is from the sale of fully taxable supplies. 40% of the total revenue is from the sale of zero-rated supplies. The total revenue balance includes applicable HST.

Rent for the period on her store was $24,000 and she pays a clerical assistant an annual salary of $28,500. Her capital expenditures during the period are for new shelving with a cost of $40,000 and computer point-of-sale hardware for $60,000. All expenditure amounts are before HST. The current expenditures and all the assets are used 84% for the provision of taxable supplies. Brady files her business HST return on an annual basis.

Determine the net HST payable or the refund for the year.

(Note: In your answer, a refund should be indicated as a negative number and a payable should be indicated as a positive number).

Reference no: EM132788083

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