Alvin Creek has a business in Nova Scotia where the HST rate is 15 percent. He is a management consultant whose business had HST included revenues of $517,500 during the current year. His current expenses for the year are as follows (all amounts are before HST): During the year, his inventory of office supplies decreased by $3,000. In addition to these current expenditures, he acquired a new vehicle to be used in his business at a cost of $45,000, before the inclusion of HST. The vehicle is used 95 percent for business purposes. Assume that the prescribed limit for Class 10.1 vehicles is $30,000.
Determine the net HST payable or refund for the year.

Question

Alvin Creek has a business in Nova Scotia where the HST rate is 15 percent. He is a management consultant whose business had HST included revenues of $517,500 during the current year. His current expenses for the year are as follows (all amounts are before HST):  During the year, his inventory of office supplies decreased by $3,000. In addition to these current expenditures, he acquired a new vehicle to be used in his business at a cost of $45,000, before the inclusion of HST. The vehicle is used 95 percent for business purposes. Assume that the prescribed limit for Class 10.1 vehicles is $30,000.
Determine the net HST payable or refund for the year.

Quizplus · Accepted Answer

The Answer of Alvin Creek has a business in Nova Scotia where the HST rate is 15 percent. He is a management consultant whose business had HST included revenues of $517,500 during the current year. His current expenses for the year are as follows (all amounts are before HST):  During the year, his inventory of office supplies decreased by $3,000. In addition to these current expenditures, he acquired a new vehicle to be used in his business at a cost of $45,000, before the inclusion of HST. The vehicle is used 95 percent for business purposes. Assume that the prescribed limit for Class 10.1 vehicles is $30,000.
Determine the net HST payable or refund for the year.

Alvin Creek Has a Business in Nova Scotia Where the HST