M Studios files GST returns quarterly. In the last quarter, M Studios sold picture frames totalling $3,750, photographic equipment for $78,225, and billed $43,580 for studio work. In the same time period, M Studios paid $3,000 for rent, $1275 for utilities, and purchased goods subject to GST for $65,000. What GST must be remitted by M Studios (or refunded by the CRA) for this quarter? (Assume GST = 5%)

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The Answer of M Studios files GST returns quarterly. In the last quarter, M Studios sold picture frames totalling $3,750, photographic equipment for $78,225, and billed $43,580 for studio work. In the same time period, M Studios paid $3,000 for rent, $1275 for utilities, and purchased goods subject to GST for $65,000. What GST must be remitted by M Studios (or refunded by the CRA) for this quarter? (Assume GST = 5%)

M Studios Files GST Returns Quarterly