Required informationExercise 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 firstmonth of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until thefollowing month.1. Cash sales for November Year 1 were $65,500 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 $81,500 plus sales tax of 8 percent.Exercise 9-4A (Algo) Part ee. On which financial statement will the sales tax liability appear?The liability is shown on the

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e. On which financial statement will the sales tax liability appear? The liability is shown on the

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

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