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 64,500 plus sales tax of 8 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 80,500 plus sales tax of 8 percent. a. show the effect of the above transactions on a statements model.
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 64,500 plus sales tax of 8 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 80,500 plus sales tax of 8 percent. a. show the effect of the above transactions on a statements model.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 6RE: Smith Company is required to charge customers an 8% sales tax on all goods it sells. At the time of...
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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 64,500 plus sales tax of 8 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 80,500 plus sales tax of 8 percent.
a. show the effect of the above transactions on a statements model.
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