M Studios (Quebec) Had Retail Sales of $293,635

question 224

Multiple Choice

M Studios (Quebec) had retail sales of $293,635.25, including PST and GST, for the last quarter. In the same period M Studios purchased $250,000 worth of supplies and paid the GST on these goods. What GST must be remitted by M Studios (or refunded) for the last quarter?

• A) $11,765.91
• B) $269.53
• C) $10,301.40
• D) $451.50
• E) $275.61

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Definitions:

Island Chains

Island chains are series of islands formed from similar geological processes, such as volcanic activity, and are often found stretching across regions of the ocean.

Back-arc Seafloor Spreading

The process of seafloor spreading occurring behind an oceanic trench associated with subduction zones, leading to the formation of new oceanic crust.

Sea of Japan

A marginal sea located between the islands of Japan, the Russian Far East, and the Korean Peninsula.

Deep Basin

A large depression on the earth's surface, often below sea level, characterized by significant depths and possibly housing sedimentary formations or resources.