May Poplar lives in Alberta, a province that does not participate in the HST program. During the current year she records service revenue of $326,000. May has never used the ITA 34 option to record revenue on a billed basis. Her current expenses for the year are as follows (all amounts are before GST): Her inventory of Supplies increased by $4,000 during the year. In addition to these current expenditures, she acquired additional furniture and fixtures in the amount of $18,000, before the inclusion of GST. She files her GST return on an annual basis and does not use the Quick Method.
Determine the net GST payable or refund for the year.

Question

May Poplar lives in Alberta, a province that does not participate in the HST program. During the current year she records service revenue of $326,000. May has never used the ITA 34 option to record revenue on a billed basis. Her current expenses for the year are as follows (all amounts are before GST):  Her inventory of Supplies increased by $4,000 during the year. In addition to these current expenditures, she acquired additional furniture and fixtures in the amount of $18,000, before the inclusion of GST. She files her GST return on an annual basis and does not use the Quick Method.
Determine the net GST payable or refund for the year.

Quizplus · Accepted Answer

The Answer of May Poplar lives in Alberta, a province that does not participate in the HST program. During the current year she records service revenue of $326,000. May has never used the ITA 34 option to record revenue on a billed basis. Her current expenses for the year are as follows (all amounts are before GST):  Her inventory of Supplies increased by $4,000 during the year. In addition to these current expenditures, she acquired additional furniture and fixtures in the amount of $18,000, before the inclusion of GST. She files her GST return on an annual basis and does not use the Quick Method.
Determine the net GST payable or refund for the year.

May Poplar Lives in Alberta, a Province That Does Not