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 $65,000 plus sales tax of 7 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 $81,000 plus sales tax of 7 percent Required a. Show the effect of the above transactions on a statements model like the one shown as follows. (In the Cash Flow column, use the Initials "OA" for operating activities, "FA" for financing activities, and "IA" for investing activity. Enter any decreases to account balances with a minus sign. Not all cells in the "Statement of Cash Flows" column may require an input - leave cells blank if there is no corresponding input needed.) TOPECA SUPPLY Horizontal Statements Model Stockholder's Equity Income Statement Common Retained Revenue Earnings Stock Expense - Net Income Assets Event Llabilities Sales Tax Payable Statement of Cash Flows Cash 1. 2. 3. 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 $65,000 plus sales tax of 7 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 $81,000 plus sales tax of 7 percent. b. What was the total amount of sales tax paid in Year 1? Sales tax paid 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 $65,000 plus sales tax of 7 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 $81,000 plus sales tax of 7 percent. c. What was the total amount of sales tax collected in Year 1? Salen tax collected 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 $65,000 plus sales tax of 7 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 $81,000 plus sales tax of 7 percent. d. What is the amount of the sales tax liability as of December 31, Year 1? Sales tax liability 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 $65,000 plus sales tax of 7 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 $81,000 plus sales tax of 7 percent. e. On which financial statement will the sales tax liability appear? The liability is shown on the