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had this question previously answered but the answers in the boxes are incorrect Required information The following information applies to the questions displayed below) The
had this question previously answered but the answers in the boxes are incorrect
Required information The following information applies to the questions displayed below) The following selected transactions apply to Topeca Supply for November and December Year 1 November was the first month of operations Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month 1. Cash sales for November Year 1 were 566,000 plus sales tax of 7 percent 2. Topeco Supply pold the November sales tax to the state agency on December 10 Year 1 3. Cash sales for December Year 1 were 579,500 plus sales tax of 7 percent d. What is the amount of the sales tax liability as of December 31, Year 1 Answer is complete but not entirely correct. 10.105 O Required information The following information applies to the questions displayed below) The following selected transactions apply to Topeca Supply for November and December Year 1. November was the first month of operations. Sales tox is collected at the time of sale but is not paid to the state sales tax agency until the following month 1. Cash sales for November Year 1 were $66,000 plus sales tax of 7 percent 2. Topeco Supply paid the November sales tax to the state agency on December 10, Year 1 3. Cash sales for December Year 1 were $79,500 plus sales tax of 7 percent c. What was the total amount of sales tax collected in Year 1? Sales tax colded $ 10,815 Step by Step Solution
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