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 >