Required information [The following information applies to the questions displayed below.] Moreno Company began Year 1 with a balance of $800 in Sales Tax payable. During the year, the company recorded taxable sales of $97,500. The ending balance in Sales Tax payable was $945. Moreno's sales tax rate is 4%. Required: a) How much sales tax did Moreno collect during Year 1? Required: b) How much sales tax did Moreno remit (pay to taxing authority) during Year 1 ? Required information [The following information applies to the questions displayed below.] Zinke Company borrowed $116,000 from Plains Bank on July 31 , Year 1 . The note carried a 6% interest rate with a one-year term to maturity. Required: a) Show the effects of borrowing the money and then the adjustment required at the end of Year 1 on the accounting equation. Note: Negative amounts should be entered with a minus sign. Required: b) What is the amount of interest expense for Year 1 ? Required: c) How does this transaction affect the statement of cash flows for the Zinke Company for Year 1