Lori Ramos operates a small retail kiosk in a mall located in Vancouver, British Columbia. She has opted to use the quick method for preparing her GST returns. Her financial results for her latest reporting period (excluding 5% GST) are as follows: Sales $200,000 Inventory purchases 70,000 Employee salaries 23,000 Interest on line of credit 15,000 Rent 18,000 Leasehold improvements 12,000 Determine Lori's owing or refund for the year using the quick method. The remittance rate is 1.8%
Lori Ramos operates a small retail kiosk in a mall located in Vancouver, British Columbia. She has opted to use the quick method for preparing her GST returns. Her financial results for her latest reporting period (excluding 5% GST) are as follows: Sales $200,000 Inventory purchases 70,000 Employee salaries 23,000 Interest on line of credit 15,000 Rent 18,000 Leasehold improvements 12,000 Determine Lori's owing or refund for the year using the quick method. The remittance rate is 1.8%
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 47P
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Lori Ramos operates a small retail kiosk in a mall located in Vancouver, British Columbia. She has opted to use the quick method for preparing her GST returns. Her financial results for her latest reporting period (excluding 5% GST) are as follows: Sales $200,000 Inventory purchases 70,000 Employee salaries 23,000 Interest on line of credit 15,000 Rent 18,000 Leasehold improvements 12,000 Determine Lori's owing or refund for the year using the quick method. The remittance rate is 1.8%
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