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please answer all parts The following selected transactions apply to Topeca Supply for November and December, Year 1, November was the first manth of operations.
please answer all parts
The following selected transactions apply to Topeca Supply for November and December, Year 1, November was the first manth of operations. Sales tax is collected at the time of sale but is not pald to the state sales tax agency unti the following month 1. Cash sales for November, Year 1 were $65,500 plus sales tax of 7 percent. 2. Topeca Supply paid the November sales tax to the state agency on December to, Year 1 . 3. Cash sales for December, Year 1 were $80,500 plus sales tax of 7 percent. Required a. Show the effect of the above transactians on a statements model like the one shown as follows. In the Cash flow column, indicnte whether the item is an operating activity (OA), an investing activity (A), or a financing activity (FA). If an element is not affected by the event, leave the cell blank. b. What was the total amount of sales tax paid in Year 1 ? c. What was the total amount of sales tax colected in Year 1 ? d. What is the amount of the sales tax liablity as of December 31 , Year 1 ? e. On which financial statement will the sales tax ilability appear? Complete this question by entering your answers in the tabs below. Show the effect of the above transactions on a staternents model the 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 decreares to acceunt Show the effect of the above transactions on a statements model like the one showi as follows. In the Cash Flow column, ind cate 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 decreases to account balances and cash outhows with a minus sign, Not all ceils will require entry.) Complete this question by entering your answers in the tabs below. b. What was the total amount of sales tax paid in Year 1 ? c. What was the total amount of sales tax collected in Year 1 ? d. What is the amount of the sales tax liability as of December 31 , Year 1 ? e. On which financial statement will the sales tax liablity appear Step by Step Solution
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