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 10, 2018.
- Cash sales for December 2018 were $180,000 plus sales tax of 7 percent.
Required
- 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 financing activity (FA). If an element is not affected by the event, leave the cell blank. (Enter any decreases to account balances and cash outflows with a minus sign.)
Homework Answers
| TOPECA SUPPLY | ||||||||||||||
| Horizontal Statements Model | ||||||||||||||
| Event | Assets | = | Liabilities | + | Stockholder's Equity | Income Statement |
Statement of Cash Flows |
|||||||
| Cash | = | Sales Tax Payable | + | Common Stock | + | Retained Earnings | Revenue | - | Expense | = | Net Income | |||
| 1 | 176550 | = | 11550 | + | + | 165000 | 165000 | - | = | 165000 | 176550 | OA | ||
| 2 | -11550 | = | -11550 | + | + | - | = | -11550 | OA | |||||
| 3 | 192600 | = | 12600 | + | + | 180000 | 180000 | - | = | 180000 | 192600 | OA | ||
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Required information
[The following information applies to the questions
displayed below.]
The following selected transactions apply...
show the effect of the above transactions on a statements model like the one shown as...
show the effect of the above transactions on a statements
model like the one shown as follows
Retur 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...
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...
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....
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....
raded Homework A Saved Help Required information [The following information applies to the questions displayed below.)...
raded Homework A Saved Help 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 1. Cash sales for November 2018 were $65,000 plus sales tax of 8 percent. 2. Topeca Supply paid the November sales...
aded Homework A Saved Help Required information [The following information applies to the questions displayed below.)...
aded Homework A Saved Help 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 anenev in following month 1. Cash sales for November 2018 were $65.000 plus sales tax of 8 percent. 2. Topeca Supply paid the November sales tax...
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...
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 The following information applies to the questions displayed below. The following transactions apply to...
Required information The following information applies to the questions displayed below. The following transactions apply to Ozark Sales for 2018 1. The business was started when the company received $49,000 from the issue of common stock. 2. Purchased equipment inventory of $175,500 on account. 3. Sold equipment for $192,500 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $117,500 4. Provided a six-month warranty on the...
show the effect of the above transactions on a statements
model like the one shown as follows
Retur 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...
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...
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....
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....
raded Homework A Saved Help 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 1. Cash sales for November 2018 were $65,000 plus sales tax of 8 percent. 2. Topeca Supply paid the November sales...
aded Homework A Saved Help 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 anenev in following month 1. Cash sales for November 2018 were $65.000 plus sales tax of 8 percent. 2. Topeca Supply paid the November sales tax...
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...
Required information The following information applies to the questions displayed below. The following transactions apply to Ozark Sales for 2018 1. The business was started when the company received $49,000 from the issue of common stock. 2. Purchased equipment inventory of $175,500 on account. 3. Sold equipment for $192,500 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $117,500 4. Provided a six-month warranty on the...
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