{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-29T14:11:06-04:00", "answer_date": "2024-05-29 14:11:06", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1889125", "url": "\/study-help\/questions\/the-following-selected-transactions-apply-to-topeca-supply-for-november-1889125", "question_creation_date_js": "2024-05-29T14:11:06-04:00", "question_creation_date": "May 29, 2024 02:11 PM", "meta_title": "[Solved] The following selected transactions apply | SolutionInn", "meta_description": "Answer of - The following selected transactions apply to Topeca Supply for November and December Year 1. November was the first mo | SolutionInn", "meta_keywords": "selected,transactions,apply,topeca,supply,november,december,year,1,first,month,operations", "question_title_h1": " The following selected transactions apply to Topeca Supply for November and December Year 1. November was the first month of operations. Sales tax is", "question_title": " The following selected transactions apply to Topeca Supply for November and", "question_title_for_js_snippet": "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 $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 Required a (this part omitted) b Show the effect of the preceding transactions on a horizontal statements model like the one shown next c What was the total amount of sales tax paid in Year 1 d What was the total amount of sales tax collected in Year 1 e What amount of sales tax expense will be reported on the Year 1 income statement Complete this question by entering your answers in the tabs below ", "question_description": "\"image\"image\"image", "transcribed_text": "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 $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. Required a. (this part omitted) b. Show the effect of the preceding transactions on a horizontal statements model like the one shown next. c. What was the total amount of sales tax paid in Year 1? d. What was the total amount of sales tax collected in Year 1? e. What amount of sales tax expense will be reported on the Year 1 income statement? Complete this question by entering your answers in the tabs below.", "related_book": { "title": "Accounting Principles", "isbn": "1119491630, 978-1119491637, 978-0470534793", "edition": "10th Edition", "authors": "Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/54.jpg", "uri": "\/textbooks\/accounting-principles-10th-edition-54", "see_more_uri": "" }, "free_related_book": { "isbn": "1138223395", "uri": "\/textbooks\/failure-or-reform-market-based-policy-instruments-for-sustainable-agriculture-and-resource-management-1st-edition-978-1138223394-261287", "name": "Failure Or Reform Market Based Policy Instruments For Sustainable Agriculture And Resource Management", "edition": "1st Edition" }, "question_posted": "2024-05-29 14:11:06", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/greenback-sporting-a-retailer-of-outdoor-wear-and-sporting-equipment", "description": "Greenback Sporting, a retailer of outdoor wear and sporting equipment, is investigating an opportunity to purchase Active Lifestyle Inc. 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