Homework Answers
| TOPECA SUPPLY | ||||||||||||||
| Horizontal Statements Model | ||||||||||||||
| Event | Assets | = | Liabilities | + | Stockholders's Equity | Income Statement | Statement of Cash Flows | |||||||
| Cash | = | Sales tax payable | + | Common stock | + | Retained earnings | Revenue | - | Expense | = | Net income | |||
| 1. | $69550 | = | $4550 | + | + | $65000 | $65000 | - | = | $65000 | $69550 | OA | ||
| 2. | -4550 | = | -4550 | + | + | - | = | -4550 | OA | |||||
| 3. | 88810 | 5810 | + | + | 83000 | 83000 | - | = | 83000 | 88810 | OA | |||
Sales tax on November 2018 cash sales= $65000*7%= $4550
Cash sales plus sales tax on November 2018= $65000+4550= $69550
Sales tax on December 2018 cash sales= $83000*7%= $5810
Cash sales plus sales tax on December 2018= $83000+5810= $88810
Add Answer to:
show the effect of the above transactions on a statements
model like the one shown as...
Required information [The following information applies to the questions displayed below.] The following selected transactions apply...
Required information
[The following information applies to the questions
displayed below.]
The following selected transactions apply to Topeca Supply for
November and December 2018. 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 2018 were $165,000 plus sales tax of 7
percent.
Topeca Supply paid the November sales tax to the state agency
on December...
Required information Exercise 7-4 Recognizing sales tax payable LO 7-2 (The following information applies to the...
Required information Exercise 7-4 Recognizing sales tax payable LO 7-2 (The following information applies to the questions displayed below. The following selected transactions apply to Topeca Supply for November and December 2018 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 2018 were $65,500 plus sales tax of 8 percent. 2. Topeca Supply paid...
Ju The GOAT. Let's gra... Saved Help Se Required information Exercise 7-4 Recognizing sales tax payable...
Ju The GOAT. Let's gra... Saved Help Se Required information Exercise 7-4 Recognizing sales tax payable LO 7-2 (The following information applies to the questions displayed below.) The following selected transactions apply to Topeca Supply for November and December 2018. 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 2018 were $65.000 plus sales...
mework Required Information Exercise 9.4A Recognizing sales tax payable LO 9-2 [The following information applies...
mework Required Information Exercise 9.4A 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 $65,500 plus sales tax of 6 percent 2....
Exercise 9-4A Recognizing sales tax payable LO 9-2 The following selected transactions apply to Topeca Supply for Novemb...
Exercise 9-4A Recognizing sales tax payable LO 9-2 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 $165,000, plus sales tax of 7 percent. Topeca Supply paid the November sales tax to the state agency on December 10,...
Required information Exercise 9.4A Recognizing sales tax payable LO 9-2 The following information applies to the...
Required information Exercise 9.4A 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 $165,000. plus sales tax of 7 percent. 2. Topeca...
Required information Exercise 9-4A (Algo) Recognizing sales tax payable LO 9-2 [The following information applies to...
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 $65,500 plus sales tax of 8 percent. 2....
Required Information Exercise 9-4A Recognizing sales tax payable LO 9-2 The following information applies to the qu...
Required Information Exercise 9-4A 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 $65.500 plus sales tax of 6 percent 2. Topeca...
Required Information Exercise 9-4A Recognizing sales tax payable LO 9-2 [The following information applies to the...
Required Information Exercise 9-4A 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 $65,500 plus sales tax of 6 percent 2. Topeca...
Required Information Exercise 9-4A Recognizing sales tex payable LO 9-2 The following information applies to the...
Required Information Exercise 9-4A Recognizing sales tex 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 $65.500 plus sales tax of 6 percent 2. Topeca...
Required information
[The following information applies to the questions
displayed below.]
The following selected transactions apply to Topeca Supply for
November and December 2018. 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 2018 were $165,000 plus sales tax of 7
percent.
Topeca Supply paid the November sales tax to the state agency
on December...
Required information Exercise 7-4 Recognizing sales tax payable LO 7-2 (The following information applies to the questions displayed below. The following selected transactions apply to Topeca Supply for November and December 2018 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 2018 were $65,500 plus sales tax of 8 percent. 2. Topeca Supply paid...
Ju The GOAT. Let's gra... Saved Help Se Required information Exercise 7-4 Recognizing sales tax payable LO 7-2 (The following information applies to the questions displayed below.) The following selected transactions apply to Topeca Supply for November and December 2018. 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 2018 were $65.000 plus sales...
mework Required Information Exercise 9.4A 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 $65,500 plus sales tax of 6 percent 2....
Required information Exercise 9.4A 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 $165,000. plus sales tax of 7 percent. 2. Topeca...
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 $65,500 plus sales tax of 8 percent. 2....
Required Information Exercise 9-4A 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 $65.500 plus sales tax of 6 percent 2. Topeca...
Required Information Exercise 9-4A 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 $65,500 plus sales tax of 6 percent 2. Topeca...
Required Information Exercise 9-4A Recognizing sales tex 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 $65.500 plus sales tax of 6 percent 2. Topeca...
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