mc_q_04_09 - MULTIPLE CHOICE QUESTIONS Q04. Among the...

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MULTIPLE CHOICE QUESTIONS Q04. Among the purchases Underwater World Ltd. made during December 2010, were the following items: Item Price Before HST @ 13% New motor for Dinghy #1 $7,000 New snorkelling equipment (for charter trips) 400 Ski club membership (for the president) 700 Membership to Waterways Ltd. (Waterways 500 carries supplies for charter boat operators) The input tax credits that Underwater World Ltd. can claim for the above items for December 2010 are: (a) $1,118 (b) $208 (c) $117 (d) $1,027 Q05. A summary of the transactions for Paddy's Cycle Shop for the month of July 2010 is: Account Amount, Net of HST@13% Revenues $300,000 Purchase of bicycles 150,000 Purchase of tires and other parts 20,000 Salaries 8,000 Premise rental 3,000 Bad debt recovered 1,500 The HST that is to be remitted in respect of the above transactions is: (a) $15,470 (b) $16,705 (c) $16,510 (d) $15,665 Q06. Eds Appliances Ltd. (Eds) sold a furnace to a customer in October 2010 for $10,000. The mark-up on the furnace was 100%.
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mc_q_04_09 - MULTIPLE CHOICE QUESTIONS Q04. Among the...

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