Ch 7 HomeworkO Help SeveE Sun Check y work 1. Cash sales for November, Year 1...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Ch 7 HomeworkO Help SeveE Sun Check y work 1. Cash sales for November, Year 1 were $165,000 plus sales tax of 7 percent 2. Topeca Supply paid the November sales tax to the state agency on Decenber 10, Year 3. Cash sales for December, Year t were $180,000 plus sales tax of 7 percent 333 Required ponta a. Show the effect of the above transactions on a statements model ke the one shown as follows. In the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity AI, or a financing activity PALYan eiement is not affected by the event, leave the cel blank b. What was the total amount of sales tax paid in Year 1 c. What was the total amount of sales tak collected in Year 1? d. What is the amount of the sales tax lability as of December 31. Year 17 e. On which financial statement will the sales tax lability appear? %24 Complete this question by entering your answers in the tabs below. Pint Rea A Rea 8 to Rferences Show the effect of the above transactions on a statements model lke the one shown as follows. In the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity (IA), or a financing activity (FA). If an element is not affected by the event, leave the cell blank (Enter any deonases to sccunt balances and cash outfows with a minus sign. Not al cells wil regure entry) TOPECA SUPPLY Horteontal Statementa Model Income Statament Liabilities Sales Tax Payable Stockholders Equity Common Stock Statamant of Cash Flees Assets Retained Eamings Expense Net income Event Revenue Cash 1. 2. 3. Prey 2 of 6 Next > Ch 7 HomeworkO Help SeveE Sun Check y work 1. Cash sales for November, Year 1 were $165,000 plus sales tax of 7 percent 2. Topeca Supply paid the November sales tax to the state agency on Decenber 10, Year 3. Cash sales for December, Year t were $180,000 plus sales tax of 7 percent 333 Required ponta a. Show the effect of the above transactions on a statements model ke the one shown as follows. In the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity AI, or a financing activity PALYan eiement is not affected by the event, leave the cel blank b. What was the total amount of sales tax paid in Year 1 c. What was the total amount of sales tak collected in Year 1? d. What is the amount of the sales tax lability as of December 31. Year 17 e. On which financial statement will the sales tax lability appear? %24 Complete this question by entering your answers in the tabs below. Pint Rea A Rea 8 to Rferences Show the effect of the above transactions on a statements model lke the one shown as follows. In the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity (IA), or a financing activity (FA). If an element is not affected by the event, leave the cell blank (Enter any deonases to sccunt balances and cash outfows with a minus sign. Not al cells wil regure entry) TOPECA SUPPLY Horteontal Statementa Model Income Statament Liabilities Sales Tax Payable Stockholders Equity Common Stock Statamant of Cash Flees Assets Retained Eamings Expense Net income Event Revenue Cash 1. 2. 3. Prey 2 of 6 Next >
Expert Answer:
Answer rating: 100% (QA)
ANSWER Solution a Assets Liabilities Stockholders Equity Income Statement Statement of Cash flo... View the full answer
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
Posted Date:
Students also viewed these accounting questions
-
For each of the following, indicate whether the item is an adjustment to the bank balance or the book balance: ______ 1. Bank service charge ______ 2. Deposit in transit ______ 3. Bank collection of...
-
What was the total amount of taxes paid by Ajinkya to the suppliers? Ajinkya Electronic Systems, a company in India that manufactures many different electronic products, has to purchase goods and...
-
What was the total amount that the agency was appropriated during the year What was the balance that was not used Is this amount available for immediate use by the agency If not why not Did the...
-
In the same study cited in Example 1, another trial was conducted with 75 women in China given a 100-Yuan bill, while another 75 women in China were given 100 Yuan in the form of smaller bills (a...
-
Multiple Choice Questions The following questions deal with audits by CPA firms. Choose the best response. a. Which of the following best describes why an independent auditor is asked to express an...
-
Not all NBA coaches who enjoy lengthy careers consistently put together winning seasons with the teams they coach. For example, Bill Fitch, who coached 25 seasons of professional basketball after...
-
How does the effective interest method of amortization result in a constant rate of interest? (Appendix)
-
The cash account for Remedy Medical Co. at April 30, 2014, indicated a balance of $18,885. The bank statement indicated a balance of $23,775 on April 30, 2014. Comparing the bank statement and the...
-
Music Teachers, Incorporated, is an educational association for music teachers that has 2 0 , 3 0 0 members. The association operates from a central headquarters but has local membership chapters...
-
On January 1, 20X5, Piper Ltd. purchased 100% of the shares of Sutton Ltd. for $ 1,085,000. At that time Sutton Ltd. had the following SFP: The bonds were issued at par and will mature in 10 years....
-
Find the value of c that makes the expression a perfect square trinomial. x + 24x + c O a 144 Ob 12 Oc 36 Od 576
-
A firm makes a product with variable manufacturing costs equal to \($3\) per unit and fixed manufacturing costs of \($10,000.\) The product cost is based on an average cost per unit. The company...
-
Central administration allocates its costs of 1 million to the two operating divisions (A and B) of the company. These costs are not avoidable if one division is dropped. With an equal allocation of...
-
Alamo, Inc., is a technology consulting firm focused on Web site development and integration of Internet business applications. The president of the company expects to incur \(\$ 706,000\) of...
-
The Hampton Corporation bought a new machine costing \(\$ 50,000\) with a 5 -year useful life and no residual value. The company plans to generate annual cash inflows of \(\$ 15,000\). Calculate the...
-
Jos Munoz, owner of a water park, is considering adding a 50 -foot waterslide. The waterslide will cost \(\$ 20,000\). Jos estimates that the waterslide will generate annual cash flows of \(\$...
-
(1) 5 points. Develop problem A.22 on module A of your books: "Dwayne Whitten, president of Whitten Industries, is considering whether to build a manufacturing plant in north Texas. His decision is su
-
F.(3e* -2x 3 sin(2x)) is equal to 2 3 Cos 8. IT 3, t (4+@ 2 3, 1+o 1 4 Cos 4 4 1 3. 1 +4cos V7 (1+o 4 1 4 Cos 4 1+0 4-
-
Civil Code 1719, subdivision (a) provides in part that any person who draws a check that is dishonored due to insufficient funds shall be liable to the payee for the amount owing upon the check and...
-
Virginia, Georgia, Carolina, and Louis were partners doing business under the trade name of Morning Glory Nursery. Virginia owned a one-third interest, and Georgia, Carolina, and Louis owned...
-
Explain how restitutionary damages are computed and identify the situations in which restitution is available as a contractual remedy.
-
Graph A. \(e ightarrow b ightarrow c ightarrow f ightarrow e ightarrow b ightarrow e\) Use the figure shown to determine whether the sequence of vertices in the given graph is a Hamilton path, an...
-
The Buy-It Design Corporation creates radio and television advertising for local businesses in the twin cities. The following alphabetical list shows Buy-It Designs account balances as of January 31,...
-
Graph \(K . n ightarrow q ightarrow o ightarrow p ightarrow m\) Use the figure shown to determine whether the sequence of vertices in the given graph is a Hamilton path, an Euler trail, both, or...
Study smarter with the SolutionInn App