mc_q_33_51 - MULTIPLE CHOICE QUESTIONS Q33. Elaine operates...

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MULTIPLE CHOICE QUESTIONS Q33. Elaine operates a copying franchise, Elaine's Copy Centre. Elaine's Copy Centre files its HST returns on a quarterly basis. For the October to December 2010 quarter, the following transactions (excluding applicable HST @ 13%) took place: Sales $65,000 Expenses: Salaries 14,000 Paper and other supplies 35,000 Rental 2,000 Bad debt expense 1,000 (GST previously remitted on sale) (i) Assuming all purchases are from registered suppliers, the HST payable by Elaine's Copy Centre for the quarter ended December 31, 2010, based on the above transactions, is: (a) $4,212 (b) $3,900 (c) $1,690 (d) $3,510 (ii) Elaine's Copy Centre's HST return for the quarter ended December 31, 2010 was due on: (a) December 31, 2010 (b) January 1, 2011 (c) January 31, 2011 (d) December 21, 2011 Q34. Which of the following is false? (a) All persons engaged in a business must register with CRA for HST purposes. (b) A “quick-method” of calculating HST is available to eligible small businesses. (c) Long-term residential rents are exempt from HST. (d) The HST portion of a debt written off, where HST has been remitted on the sale, may be claimed as an input tax credit. Q35. ABC's Part I tax payable for 2008 and 2009 was $5,820 and $5,450, respectively. ABC's estimated Part I tax payable for 2010 is $5,940. ABC is not eligible for the small business deduction. Assuming that ABC wants to pay the lowest amount possible, without incurring interest, for monthly instalments, what would their monthly instalments be: (a) 12 @ $454 (b) 12 @ $495 (c) 2 @ $454 and 10 @ $503 (d) 12 @ $485 Page 1
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Q36. The Canada Revenue Agency (“CRA”) has the power to collect unpaid taxes by various methods. From which of the following sources of income does the CRA have the power to collect monies owed? (a) garnishee of monies owed to the taxpayer (b) seizure of the taxpayer's personal property (c) withholding from wages and salaries (d) all of the above Q37. Zeta Enterprises Ltd., a CCPC eligible for the small business deduction, has a June 30 year end. Due to the untimely departure of one of their accountants, their tax return for the year ended June 30, 2008 was not filed until August 1, 2010. In
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mc_q_33_51 - MULTIPLE CHOICE QUESTIONS Q33. Elaine operates...

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