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 the net HST payable or refund for the quarter.
All of the operations of March Ltd. are located in Ontario, where the relevant HST rate is 13 percent. During the current quarter, March Ltd. has taxable sales of $1,223,000 before HST. Its cost of sales for the period was $843,000 before HST and its merchandise inventories increased by $126,000, again before HST. Salaries and wages for the period totaled $87,000, interest expense was $16,000, and amortization expense was $93,000. No capital expenditures were made during the period. Determine the net HST payable or refund for the quarter.