Mark Weaver is a licensed paralegal that started up a paralegal firm called Uptown Paralegal. Uptown Paralegal carries on business in Ontario where the relevant HST rate is 13%. During the current...

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Mark Weaver is a licensed paralegal that started up a paralegal firm called Uptown Paralegal. Uptown Paralegal carries on business in Ontario where the relevant HST rate is 13%. During the current period, Uptown Paralegal has taxable sales of $125,000. Its purchases of office supplies and stationary items for the period was $6,500 and travel expenses incurred for client matters amounted to $4,500. Other expenses for the period included salaries and wages of $12,000, interest expense of $5,000, and amortization expense of $3,000. The LSO membership dues amounted to $1,300. Capital expenditures amounted to $10,000. None of the amounts indicated include HST.Determine the HST payable or HST refund for the period using both the regular method and the simplified method.
Answered 1 days AfterApr 12, 2022

Solution

Bhavani answered on Apr 13 2022
12 Votes
Instructions
    Please complete the Chapter 11 Problem with the templates provided.
    Please read Chapter 11 and review the lecture materials before attempting the assignment.
    As this is a tax assignment, you may need to do some research on the internet to complete this assignment.
    Please state any assumptions to support your answers.
    Feel free to insert any rows or columns in any of the sheets in case it is needed for your solution.
    Please submit this group assignment to the Assignment Chapter 11 dropbox by the deadline specified by the instructor.
    Chapter 8 Comprehensive Problem    Grades Available    Grades Earned    Feedback
    HST Problem    20
    Income Tax Problem    20
    Total    40
Chart of Accounts
    Balance Sheet Accounts                Income Statement Accounts
    NO.     Name    Type        NO.     Name    Type
    100    Cu
ent Assets            400    Income (Revenue)
    100    General Bank Account    Cu
ent Asset        400    Fees Earned    Income
    105    Petty Cash    Cu
ent Asset        410    Expense Recovery    Income
    115    Trust Bank Account    Cu
ent Asset        430    Interest Income    Income
    120    Accounts Receivable    Cu
ent Asset        499    Miscellaneous Income    Income
    121    General Disbursement Recovery    Cu
ent Asset        500    Expenses
    125    Prepaid Insurance    Cu
ent Asset        502    Accounting and Bookkeeping    Expense
    128    Prepaid Expense    Cu
ent Asset        503    Advertisting    Expense
    130    Office Supplies    Cu
ent Asset        505    Motor Vehicle Expense    Expense
    150    Fixed Assets            506    Bad Debt Expense    Expense
    150    Building    Fixed Asset        507    Bank Charges and Credit Card Expense    Expense
    151    Depreciation - Building    Fixed Asset        511    Salaries Expense    Expense
    155    Computer Equipment (Hardware)    Fixed Asset        517    Employee Insurance (EI) Expense    Expense
    156    Depreciation - Computer Equipment    Fixed Asset        518    Canada Pension Plan (CPP) Expense    Expense
    158    Office Furniture and Equipment    Fixed Asset        520    Employer Health Tax (EHT) Expense    Expense
    159    Depreciation - Office Furniture and Equipment    Fixed Asset        522    Depreciation Expense    Expense
    160    Intangible Assets    Fixed Asset        523    Donations    Expense
    161    Depreciation - Intangible Assets    Fixed Asset        524    Equipment Lease    Expense
    200    Liabilities            525    General Disbursement Expense    Expense
    200    Accounts Payable/General Liabilities    Liability        526    General Disbursement Recovery    Expense
    205    Personal Loan    Liability        527    Insurance - Professional Liability    Expense
    210    Credit Card Debt    Liability        528    Insurance - Other    Expense
    215    Trust...
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