Felicia's Frocks, an unincorporated retail business, operates solely in Nova Scotia where the HST rate is 15 percent. The Quick Method remittance rates are 5 percent for businesses that purchase goods for resale and 10 percent for service providers. During the first quarter of the year, the business has sales of fully taxable items in the amount of $42,300. Current expenses on which HST was paid amount to $37,800. In addition, capital expenditures during this period totaled $72,000. All of these amounts are before the inclusion of HST. The business has no activities other than the delivery of fully taxable merchandise.
Compare the HST payable (receivable)using the regular method applicable to GST/HST calculations with the amount that would be payable (receivable)using the Quick Method.

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The Answer of Felicia's Frocks, an unincorporated retail business, operates solely in Nova Scotia where the HST rate is 15 percent. The Quick Method remittance rates are 5 percent for businesses that purchase goods for resale and 10 percent for service providers. During the first quarter of the year, the business has sales of fully taxable items in the amount of $42,300. Current expenses on which HST was paid amount to $37,800. In addition, capital expenditures during this period totaled $72,000. All of these amounts are before the inclusion of HST. The business has no activities other than the delivery of fully taxable merchandise.
Compare the HST payable (receivable)using the regular method applicable to GST/HST calculations with the amount that would be payable (receivable)using the Quick Method.

Felicia's Frocks, an Unincorporated Retail Business, Operates Solely in Nova