Required intormation The following information applies to the questions displayed below] The following selected transactions spply to Topeca Supply for Nowember and December Year 1 . Nowember 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 $165.000, plus sales tax of 7 percent. 2. Topeca Supply paid the November sales tax to the state agency on December 10, Year 1 3. Cosh sales for December Year 1 were $t80,000, plus sales tax of 7 percent. Requited a. Record the effect of the given transactions in a horizontal statements model. Netes 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 and cash outflows with a minus sign. Not all cells require input. Required information The following information applies to the questions displayed below] The following selected transections apply to Topeca Supply for November and December Yoar 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 $165,000, plus soles 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 $180,000, plus soles tax of 7 percent. b. What was the total amount of sales tax paid in Yoor 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. Cosh sales for November Year 1 were $165,000, 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 $180,000, plus sales tax of 7 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 sole but is not paid to the state sales tax agency until the following month. 1. Cash sales for November Year 1 were $165,000, 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 Yoar 1 were $180,000, plus sales tax of 7 percent: d. What is the amount of the sales tax liability as of Docember 31 , Year 1
