[The following information applies to the questions displayed below.] The following selected transactions apply to...
50.1K
Verified Solution
Link Copied!
Question
Accounting
[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.
- Cash sales for November Year 1 were $64,500 plus sales tax of 8 percent.
- Topeca Supply paid the November sales tax to the state agency on December 10, Year 1.
- Cash sales for December Year 1 were $80,500 plus sales tax of 8 percent.
b. What was the total amount of sales tax paid in Year 1?
Sales tax paid
c. What was the total amount of sales tax collected in Year 1?
Sales tax collected
d. What is the amount of the sales tax liability as of December 31, Year 1?
Sales tax liability
e. On which financial statement will the sales tax liability appear?
The liability is shown on the
[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.
- Cash sales for November Year 1 were $64,500 plus sales tax of 8 percent.
- Topeca Supply paid the November sales tax to the state agency on December 10, Year 1.
- Cash sales for December Year 1 were $80,500 plus sales tax of 8 percent.
b. What was the total amount of sales tax paid in Year 1?
Sales tax paid
c. What was the total amount of sales tax collected in Year 1?
Sales tax collected
d. What is the amount of the sales tax liability as of December 31, Year 1?
Sales tax liability
e. On which financial statement will the sales tax liability appear?
The liability is shown on the
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.