hst return
Sheet1 SHYHIGH RENTALS INC. General Ledger ACCT 999 - Suspense For the period Jan 1, 2019 - Dec 31, 2019 DRCR R. Smith1/1/191,973.38 RBC loan payment1/1/191,344.32 R. Smith1/1/191,998.50 R. Smith1/1/19998.50EXPLANATIONS: T. Paster1/1/191,100.00R. Smith - repairs and mantenance T. Paster2/1/19600.00T. Paster - repairs and maintenance RBC Loan payment2/1/191,344.32C. Fount - repairs and maintenance Loan Proceeds2/1/1920000ABC Inc - professional fees C. Fount2/1/193,450.81ZEI Inc - repairs and maintenance RBC Loan payment3/1/191,344.32Cob Contracting - repairs and mantenance ABC inc.3/1/1910,989.25Ready Plumbing - repairs and maintenance ZEI Inc3/1/192,847.60 T. Paster3/1/19630.00 Cob Contracting3/1/1912,430.00 Ready Plumbing3/1/196,580.97 ZEI Inc3/1/192,034.00 Ready Plumbing3/1/191,200.00 ZEI Inc3/1/192,043.00 Ready Plumbing4/1/191,998.50 Ready Plumbing4/1/191,190.00 R. Smith4/1/192,500.00 RBC Loan payment4/1/191,344.32 Insurance4/1/19221.98 ZEI Inc4/1/193,152.70 T. Paster4/1/19600.00 T. Paster4/1/199,972.25 ZEI Inc4/1/191,169.55 Ready Plumbing4/1/197,000.00 Ready Plumbing4/1/19966.15 Cob Contracting5/1/191,998.50 Insurance5/1/191,300.00 R. Smith5/1/19553.79 Ready Plumbing5/1/191,998.50 RBC Loan payment5/1/191,344.32 Insurance5/1/19734.50 T. Paster5/1/19600.00 T. Paster5/1/19700.00 Ready Plumbing5/1/192,825.00 Loan Proceeds5/1/197000 Bank Charges5/1/19457.65 T. Paster6/1/191,500.00 Personal expense6/1/19500.00 ZEI Inc6/1/193,955.00 RBC Loan payment6/1/191,344.32 CRA 2018 taxes6/1/197,937.30 T. Paster6/1/191,080.00 T. Paster6/1/196,215.00 ZEI Inc6/1/191,981.00 R. Smith6/1/192,800.00 R. Smith6/1/19600.00 Cob Contracting6/1/196,324.70 Cob Contracting6/1/195,650.00 RBC Loan payment7/1/191,344.32 T. Paster7/1/191,000.00 Personal expense7/1/19600.00 Personal expense7/1/1915,000.00 Loan Proceeds8/1/19500 R. Smith8/1/191,921.00 Loan Proceeds8/1/1910000 RBC Loan payment8/1/191,344.32 T. Paster8/1/19600.00 T. Paster8/1/192,825.00 Loan Proceeds8/1/194000 Bank Charges9/1/191,921.00 Ready Plumbing9/1/193,908.24 Loan Proceeds9/1/191000 RBC Loan payment9/1/191,344.32 Cob Contracting9/1/19600.00 Cob Contracting9/1/1917,065.00 R. Smith9/1/198,983.50 Cob Contracting9/1/1915,115.07 Ready Plumbing9/1/1917,209.11 Ready Plumbing9/1/192,237.18 Ready Plumbing9/1/191,977.50 Ready Plumbing9/1/194,500.00 Loan Proceeds10/1/1950000 RBC Loan payment10/1/191,344.32 ZEI Inc10/1/1923,403.43 Personal expense10/1/1920,000.00 R. Smith10/1/19600.00 ZEI Inc10/1/19737.32 ZEI Inc10/1/195,000.00 ZEI Inc10/1/19700.00 Ready Plumbing10/1/195,000.00 Cob Contracting10/1/194,996.02 Loan Proceeds11/1/1920000 RBC Loan payment11/1/191,344.32 Loan Proceeds11/1/195000 Personal expense11/1/199,000.00 Ready Plumbing11/1/1910,283.00 Personal expense11/1/1940,000.00 T. Paster11/1/19600.00 Loan Proceeds12/1/1910000 Loan Proceeds12/1/194200 Loan Proceeds12/1/1933000 Ready Plumbing12/1/192,000.00 RBC Loan payment12/1/191,344.32 Ready Plumbing12/1/191,000.00 T. Paster12/1/19600.00 T. Paster12/1/1919,000.00 Bank Charges12/1/191,130.00 It is March 3, 2023. You are a recently graduated CPA working at a public accounting firm. One of the partners in the firm calls you into her office as she would like you to deal with a HST filing of one of her clients. During the meeting, you gather the following information: The general ledger (attached) detail of the suspense account for High Sky Rentals for the period Jan 1, 2019 to December 31, 2019. The corporation’s sole asset is a large commercial/residential plaza. The Plaza has two floors, with the bottom floor comprising of commercial rental units and the top floor has residential apartments. The total square footage of the building is 20,000sq. ft. of which 12,000 square feet is commercial space, and the remaining 8,000 square feet is the residential apartments on the second floor. The building is fully leased out. The corporation does not have sophisticated accounting records so the bookkeeper records all items to the suspense account and then sends to the companies accountant (you) to complete required government filings. The bookkeeper simply takes each month’s bank statement and records each bank transaction at the dollar amount that went in and out of the bank. That is, no adjustment has been made for HST. Gross rent deposits for the period were $2,100,000, inclusive of HST. Of which, $675,000 of the rents were residential rents from the second-floor apartments, and the remaining rents were commercial. You have been asked to complete the HST return for the period Jan 1, 2019, to December 31, 2019. The corporation is a yearly HST filer. Due to COVID, the company is behind on their HST filings and thus is in urgent need to get the Jan1, 2019 to Dec 31, 2019 HST return filed. Please use the data provided in the excel document and complete the HST return so the client can file the HST return. The client would like a working copy to support the HST return filed so please complete all work in the excel document. Provide the excel document to the client (i.e .....to me so I can mark it) so they have a copy of the supporting documentation. Please indicate to the client the original filing deadline date, and estimate the interest and penalties that CRA will charge assuming the return gets filed March 31, 2023. Attached is an excel document for your use when completing the case assignment. This assignment must be completed in excel. You are required to use excel to manipulate the data provided in order to complete the complete HST return which will indicate any HST owing/refund at December 31, 2019. Thanks