Prepare the gst-hst return for the quarter ending

Assignment Help Financial Management

Reference no: EM131855739

Life Sport is a HST registrant. The company sells various golf equipment and clothes to consumers, businesses and re-sellers. The business is located at 15 Golden Pond Street, Toronto, Ontario. Their “BN” number is BN#865432183. CRA assigned them a quarterly reporting period. The HST/GST return is due on September 30, 2017 for reporting period Jun. 1, 2017 to Aug. 31, 2017. As their accountant, you are to prepare the required GST/HST return.

Required: Round all answers to the nearest Dollar. –

Prepare the GST/HST Return for the quarter ending Aug.31, 2017.

a. Please provide a detailed back up schedule as reviewed in class. on an EXCEL worksheet

b. Prepare the journal entries to record the payment/refund of GST/HST

c. Prepare journal entries to record January’s Sales transactions plus the Additional information for the month of August 2017.

Purchase information: Invoice amount includes all applicable taxes, unless otherwise stated. Assume customers are in Ontario unless otherwise noted.

Invoice Date Purchase Description Invoice Amount

Jun. 10 Telephone 2,034.00

Jun. 19 Courier charge for delivery to Thornhill Golf Club 135.60

Jul. 5 Purchase various inventory 19,210.00

Jul. 21 Purchase of packaging equipment from a local supplier 6,554.00

Jul. 30 Insurance policy for fire and theft 1,700.00

Aug.2 Business Entertainment—client event 5,424.00

Aug.5 Birthday present to senior vice president’s son 840.00

Aug.8 Reimbursement to employee (No Receipts; Visa card statement only) fo

expenses used for greater than 90% Commercial Activities, including all sales taxes 560.00

Aug.16 Purchase of goods (for re-sale), from Ann Arbor, Michigan

(Assessed Canadian Equivalent is= $1,600) 1,380.00

Additional information for August 2017

1. Life Sport used $1,700 (product value) from inventory to decorate their store. Ignore HST. 2. Life Sport paid a total of $1,350 in installments to CRA for HST in 2017 (Hint Line 110) 3. The owner took $5,000 of inventory cost to his home for personal use.

Reference no: EM131855739

Questions Cloud

Rocky mountain chocolate factory : Rocky Mountain Chocolate Factory (RMCF) founder and president Frank Crail employs 220 people in 361 outlets in the United States, Canada,

Town is recording all transactions in the general fund : You are the Auditor for Winter Valley. You have noticed that the town is recording all transactions in the General Fund.

Comparing the returns of two portfolios : You are comparing the returns of two portfolios for a 10-year period. what do you know with certainty?

What is the time required to repay the loan : what is the time required to repay the loan if you make that additional monthly payment every year?

Prepare the gst-hst return for the quarter ending : Life Sport is a HST registrant. Prepare the GST/HST Return for the quarter ending Aug.31, 2017.

Forecasting methods-last-value-averaging-moving-average : Choose one of the following forecasting methods: last-value, averaging, moving-average, or exponential smoothing.

Estimate the terminal value of the company using pe multiple : What is your estimate of the current stock price? Suppose instead that you estimate the terminal value of the company using a PE multiple.

Canadian laws to compound the interest semiannually : Payments are to be made on a monthly basis even though the bank is required by Canadian laws to compound the interest semiannually.

How much money will be left in fund at the end of tenth year : You have been hired to run a pension fund for Mackay Inc, a small manufacturing firm. How much money will be left in the fund at the end of the tenth year?

User Account

All Pages