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1. The following selected transactions apply to Topeca Supply for...

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Accounting

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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 Year 1 were $165,000, plus sales tax of 7 percent. 2. 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. 15 Required a. Show the effect of the preceding transactions on a horizontal statements model like the one shown as follows. In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), an investing activity (IA), or a financing activity (FA). The letters NA indicate that an minus sign.) element is not affected by the event. (Enter any decreases to account balances and cash outflows with a SUPPLY Horizontal Statements Model Cash-Sales laxCommonRetained Cash Flows Net Income Stock Prey 456,-, 8 of18 ll Next >

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