Answered: At the end of the period HST…

At the end of the period HST recoverable is 25,000 and HST payable is 27,500. So we will,,, Pay CRA $2500 Receive form CRA $2500 pay CRA 27,500 delay to next period

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.

Question

At the end of the period HST recoverable is
25,000 and HST payable is 27,500. So we will,,
Pay CRA $2500
Receive form CRA $2500
pay CRA 27,500
O delay to next period

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