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Loftus Inc, located in Edmonton, Alberta, sells office furniture to local businesses in Alberta. Their...

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Accounting

Loftus Inc, located in Edmonton, Alberta, sells office furniture to local businesses in Alberta. Their sales have never been in excess of $400,000 annually. Alberta does not charge a provincial sales tax, thus the corporation is only charged a 5% GST.
Loftus has chosen to file its GST returns on a quarterly basis and has elected to use the quick method to file its GST returns. The following information relates to the first quarter of 2022: (See picture attached)
REQUIRED
a) Based on the information provided, determine the GST owing (or refundable) during the first quarter of 2022 using the Quick Method
b) Based on the information provided, determine the GST owing (or refundable) during the first quarter of 2022 assuming the company uses the regular method of calculating GST instead.
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