Figure 7.18 shows a liquid-level system in which two tanks have cross-sectional areas A1 and A2, respectively. The volume flow rate into tank 1 is qi. A pump is connected to the bottom….
determine Simplicity’s GST payable or refund for the current year.
Simplicity Inc. operates in Alberta where there is no provincial sales tax and no participation in the HST program. For the current year, the company has GST inclusive sales of $315,000. It has GST inclusive purchases of merchandise and other current expenditures of $189,000. Capital expenditures consist of real property (land and a building) costing $150,000 and capital personal property totaling $50,000. These capital expenditure amounts are before the inclusion of GST. Using the simplified method of accounting for input tax credits, determine Simplicity’s GST payable or refund for the current year.