M Studios Files GST Returns Quarterly

question 155

Short Answer

M Studios files GST returns quarterly. In the last quarter, M Studios sold picture frames totalling $3,750, photographic equipment for $78,225, and billed $43,580 for studio work. In the same time period, M Studios paid $2,000 for rent, $675 for utilities, and purchased goods subject to GST for $65,000. What GST must be remitted by M Studios (or refunded by the CCRA) for this quarter?

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Definitions:

Cold Front

The sloping boundary surface between an advancing mass of cold air and a warmer air mass.

Cold Air

Air that has a lower temperature compared to the surrounding environment, often associated with high pressure systems and can lead to frost or freezing conditions.

Warm Air

Air that has a high temperature, which can rise due to its lower density compared to cooler surrounding air.

Hurricanes

Powerful tropical storms with heavy rain and strong winds that form over warm ocean waters.