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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

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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, Yeor 1 were $65,000 plus sales tox of 6 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 $78,500 plus sales tax of 6 percent. Required a. Show the effect of the above tronsactions on a statements model like the one shown as follows. In the Cash Flow column, indicate whether the iem is an operating activity (OA), an investing activity (A), or a financing activity (FA) if an element is not atfected by the event, leave the cell blenk. b. What was the total amount of sales tax poid in Year 1 ? c. What was the total amount of sales tax collected in Year d. What is the amount of the sales tax liabisty as of December 31 . Year 1 ? e. On which financial statement will the sales tax liobility appear? Complete this question by entering your answers in the tabs below. Show the effect of the above transoctions on a statements modet like the one shown as foliows. in the Cash Flow column, indicate whether the item is an cpe: activity (OA), an investing activity (IW), or a financing ectivity (FA), If an element is not affected by the event, leave the cell blank. (Enter any decreases to ac. balances and cash outfows with a minus sign. Not ali ceils wil require entry.) The following selected transactions apply to Topeca Supply for November and December, Year 1. November was the first month of operbtions. Sales tax is collected at the time of sale but is not pald to the state sales tax agency until the following month. 1. Cash sales for November, Year 1 were $65,000 plus sales tax of 6 percent. 2. Topeca Supply paid the November sales tax to the state agency on December 10, Year 1 3. Cash sales for December, Yeor 1 were $78,500 plus sales tax of 6 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, indicate whether the item is an operating activity (OA), an investing activity (IA), or a flinancing activity (FA). if an element is not affected by the event, leave the cell blank b. What was the total amount of sales tax paid in Year 1 ? c. What was the total amount of sales tax collocted in Year 1? d. What is the amount of the sales tax liability as of December 31, Year 1 ? e. On which financial statement will the soles tax liobility appear? Complete this question by entering your answers in the tabs below. b. What was the total amount of sales tax paid in Year 1 ? c. What was the total amount of sales tax collected in year 1 ? d. Whot is the amount of the saies tax liability as of December 31, Year 1 ? e. On which finandal statemem will the sales tax liability appear

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