Solution-What was the total amount of sales tax paid in year

What was the total amount of sales tax paid in year

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Reference no: EM132519891

Question - Need help trying to solve these accounting questions don't understand them 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 $100,000 plus sales tax of 9 percent.

2. Book Yard paid the November sales tax to the state agency on December 7, Year 1.

3. Cash sales for December Year 1 were $80,000 plus sales tax of 9 percent.

Required -

a. What was the total amount of sales tax paid in Year 1?

b. What was the total amount of sales tax collected in Year 1?

c. What is the amount of sales tax liability as of December 31, Year 1?

d. On which financial statement will the sales tax liability appear?

Reference no: EM132519891

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What was the total amount of sales tax paid in year

Reference no: EM132519891

Reference no: EM132519891

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