The following selected transactions apply to topeca supply for november and december year 1. november was the first month operations. sales tax is collected at the time of the 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.
b. what was the total amount of sales tax paid in year 1?
c. what was the total amount of sales tax collected in year 1?
d. what is the amount of sales tax liability as of december 31, year 1?
e. on which of the financial statement will the sales tax liability appear?
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