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102 Required information Exercise 9-4A (Algo) Recognizing sales tax payable LO 9-2 The following information applies to the questions displayed below) The following selected transactions apply to Topeca Supply for November and December Yeart. 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 $64.000 plus sales tax of 9 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 9 percent op T Exercise 9.4A (Algo) Parta Required a. Record the effect of the given transactions in a horizontal statements model 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) Event Assets Cash hares) TOPECA SUPPLY Horizontal Statement Model Stockholder's Equity Income utement Common Retained Stock Earnings Payable Nettico Statement of Cash Flows 1. 2 3 int Exercise 9-4A (Algo) Part e Print e. On which financial statement will the sales tax liability appear? The liability is shown on the Required information Exercise 9-4A (Algo) Recognizing sales tax payable LO 9-2 [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 $64,000 plus sales tax of 9 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 9 percent. Exercise 9-4A (Algo) Part a Required a. Record the effect of the given transactions in a horizontal statements model. (In the Cash Flow column, use the initials "OA" for operating activities, "FA" for financing activities, and "A" for investing activity. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input.) Assets TOPECA SUPPLY Horizontal Statements Model Stockholder's Equity Income Statement Common Retained Stock Earnings Revenue Expense Llabilities Sales Tax Payable Event Statement of Cash Flows Cash Net Income 1. 2 Seafrecuredilistafret ! Required information Exercise 9-4A (Algo) Recognizing sales tax payable LO 9-2 [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 $64,000 plus sales tax of 9 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 9 percent Exercise 9-4A (Algo) Parte e. On which financial statement will the sales tax liability appear? The ability is shown on the CS Scanned with CamScanner