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 $64,500 plus sales tax of 10 percent. 2. Topeca Supply paid the November sales tax to the state agency on December 10, Year 1. 3. Cash sales for December Year 1 were $80,000 plus sales tax of 10 percent. c. What was the total amount of sales tax collected in Year 1? 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 $64,500 plus sales tax of 10 percent. 2. Topeca Supply paid the November sales tax to the state agency on December 10, Year 1. 3. Cash sales for December Year 1 were $80,000 plus sales tax of 10 percent. d. What is the amount of the sales tax liability as of December 31 , Year 1 ? 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 $64,500 plus sales tax of 10 percent. 2. Topeca Supply paid the November sales tax to the state agency on December 10, Year 1. 3. Cash sales for December Year 1 were $80,000 plus sales tax of 10 percent. e. On which financial statement will the sales tax liability appear? The following information was drawn from the balance sheets of the Kansas and Montana companies: Required a. Compute the current ratio for each company. b. Which company has the greater likelihood of being able to pay its bills? c. Assume that both companies have the same amount of total assets. Speculate as to which company would produce the higher return-on-assets ratio. Complete this question by entering your answers in the tabs below. Compute the current ratio for each company. Note: Round your answers to 2 decimal places. The following information was drawn from the balance sheets of the Kansas and Montana companies: Required a. Compute the current ratio for each company. b. Which company has the greater likelihood of being able to pay its bills? c. Assume that both companies have the same amount of total assets. Speculate as to which company would produce the highe return-on-assets ratio. Complete this question by entering your answers in the tabs below. Which company has the greater likelihood of being able to pay its bills? Which company has the greater likelihood of being able to pay its bills? The following information was drawn from the balance sheets of the Kansas and Montana companies: Required a. Compute the current ratio for each company. b. Which company has the greater likelihood of being able to pay its bills? c. Assume that both companies have the same amount of total assets. Speculate as to which company would produce the higher return-on-assets ratio. Complete this question by entering your answers in the tabs below. Assume that both companies have the same amount of total assets. Speculate as to which company would produce the higher return-on-assets ratio. Which company would produce the higher retum-on-assots ratio
