Sheet1
SHYHIGH RENTALS INC.
General Ledger ACCT 999 - Suspense
For the period Jan 1, XXXXXXXXXXDec 31, 2019
DR CR
R. Smith 1/1/19 1,973.38
RBC loan payment 1/1/19 1,344.32
R. Smith 1/1/19 1,998.50
R. Smith 1/1/19 998.50 EXPLANATIONS:
T. Paster 1/1/19 1,100.00 R. Smith - repairs and mantenance
T. Paster 2/1/19 600.00 T. Paster - repairs and maintenance
RBC Loan payment 2/1/19 1,344.32 C. Fount - repairs and maintenance
Loan Proceeds 2/1/19 20000 ABC Inc - professional fees
C. Fount 2/1/19 3,450.81 ZEI Inc - repairs and maintenance
RBC Loan payment 3/1/19 1,344.32 Cob Contracting - repairs and mantenance
ABC inc. 3/1/19 10,989.25 Ready Plumbing - repairs and maintenance
ZEI Inc 3/1/19 2,847.60
T. Paster 3/1/19 630.00
Cob Contracting 3/1/19 12,430.00
Ready Plumbing 3/1/19 6,580.97
ZEI Inc 3/1/19 2,034.00
Ready Plumbing 3/1/19 1,200.00
ZEI Inc 3/1/19 2,043.00
Ready Plumbing 4/1/19 1,998.50
Ready Plumbing 4/1/19 1,190.00
R. Smith 4/1/19 2,500.00
RBC Loan payment 4/1/19 1,344.32
Insurance 4/1/19 221.98
ZEI Inc 4/1/19 3,152.70
T. Paster 4/1/19 600.00
T. Paster 4/1/19 9,972.25
ZEI Inc 4/1/19 1,169.55
Ready Plumbing 4/1/19 7,000.00
Ready Plumbing 4/1/19 966.15
Cob Contracting 5/1/19 1,998.50
Insurance 5/1/19 1,300.00
R. Smith 5/1/19 553.79
Ready Plumbing 5/1/19 1,998.50
RBC Loan payment 5/1/19 1,344.32
Insurance 5/1/19 734.50
T. Paster 5/1/19 600.00
T. Paster 5/1/19 700.00
Ready Plumbing 5/1/19 2,825.00
Loan Proceeds 5/1/19 7000
Bank Charges 5/1/19 457.65
T. Paster 6/1/19 1,500.00
Personal expense 6/1/19 500.00
ZEI Inc 6/1/19 3,955.00
RBC Loan payment 6/1/19 1,344.32
CRA 2018 taxes 6/1/19 7,937.30
T. Paster 6/1/19 1,080.00
T. Paster 6/1/19 6,215.00
ZEI Inc 6/1/19 1,981.00
R. Smith 6/1/19 2,800.00
R. Smith 6/1/19 600.00
Cob Contracting 6/1/19 6,324.70
Cob Contracting 6/1/19 5,650.00
RBC Loan payment 7/1/19 1,344.32
T. Paster 7/1/19 1,000.00
Personal expense 7/1/19 600.00
Personal expense 7/1/19 15,000.00
Loan Proceeds 8/1/19 500
R. Smith 8/1/19 1,921.00
Loan Proceeds 8/1/19 10000
RBC Loan payment 8/1/19 1,344.32
T. Paster 8/1/19 600.00
T. Paster 8/1/19 2,825.00
Loan Proceeds 8/1/19 4000
Bank Charges 9/1/19 1,921.00
Ready Plumbing 9/1/19 3,908.24
Loan Proceeds 9/1/19 1000
RBC Loan payment 9/1/19 1,344.32
Cob Contracting 9/1/19 600.00
Cob Contracting 9/1/19 17,065.00
R. Smith 9/1/19 8,983.50
Cob Contracting 9/1/19 15,115.07
Ready Plumbing 9/1/19 17,209.11
Ready Plumbing 9/1/19 2,237.18
Ready Plumbing 9/1/19 1,977.50
Ready Plumbing 9/1/19 4,500.00
Loan Proceeds 10/1/19 50000
RBC Loan payment 10/1/19 1,344.32
ZEI Inc 10/1/19 23,403.43
Personal expense 10/1/19 20,000.00
R. Smith 10/1/19 600.00
ZEI Inc 10/1/19 737.32
ZEI Inc 10/1/19 5,000.00
ZEI Inc 10/1/19 700.00
Ready Plumbing 10/1/19 5,000.00
Cob Contracting 10/1/19 4,996.02
Loan Proceeds 11/1/19 20000
RBC Loan payment 11/1/19 1,344.32
Loan Proceeds 11/1/19 5000
Personal expense 11/1/19 9,000.00
Ready Plumbing 11/1/19 10,283.00
Personal expense 11/1/19 40,000.00
T. Paster 11/1/19 600.00
Loan Proceeds 12/1/19 10000
Loan Proceeds 12/1/19 4200
Loan Proceeds 12/1/19 33000
Ready Plumbing 12/1/19 2,000.00
RBC Loan payment 12/1/19 1,344.32
Ready Plumbing 12/1/19 1,000.00
T. Paster 12/1/19 600.00
T. Paster 12/1/19 19,000.00
Bank Charges 12/1/19 1,130.00
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
esidential 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, XXXXXXXXXXThe 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. Â
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
efund at December 31, 2019.
Thanks