Stork Enterprises delivers care packages for special occasions. They charge $35 for a small package, and $95 for a large package. The sales tax rate is 7%. During the month of May, Stork delivers 28 small packages and 41 large packages. A. What is the total tax charged to the customer per small package? What is the overall charge per small package? If required, round your answers to two decimal places. Total tax charged $_________ per small package Overall charge $_________ per small package B. What is the total tax charged to the customer per large package? What is the overall charge per large package? If required, round your answers to two decimal places. Total tax charged $__________ per large package Overall charge $__________ per large package C. How much sales tax liability does Stork Enterprises have for the month of May? If required, round your answers to two decimal places.
Stork Enterprises delivers care packages for special occasions. They charge $35 for a small package, and $95 for a large package. The sales tax rate is 7%. During the month of May, Stork delivers 28 small packages and 41 large packages. A. What is the total tax charged to the customer per small package? What is the overall charge per small package? If required, round your answers to two decimal places. Total tax charged $_________ per small package Overall charge $_________ per small package B. What is the total tax charged to the customer per large package? What is the overall charge per large package? If required, round your answers to two decimal places. Total tax charged $__________ per large package Overall charge $__________ per large package C. How much sales tax liability does Stork Enterprises have for the month of May? If required, round your answers to two decimal places.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Stork Enterprises delivers care packages for special occasions. They charge $35 for a small package, and $95 for a large package. The sales tax rate is 7%. During the month of May, Stork delivers 28 small packages and 41 large packages.
A. What is the total tax charged to the customer per small package? What is the overall charge per small package? If required, round your answers to two decimal places.
| Total tax charged | $_________ | per small package |
| Overall charge | $_________ | per small package |
B. What is the total tax charged to the customer per large package? What is the overall charge per large package? If required, round your answers to two decimal places.
| Total tax charged | $__________ | per large package |
| Overall charge | $__________ | per large package |
C. How much sales tax liability does Stork Enterprises have for the month of May? If required, round your answers to two decimal places.
$__________
D. What account is used to recognize this tax situation for the month of May?
____________
E. When Stork remits payment to the sales tax governing body, what happens to the sales tax liability?
___________ would _________ .
Transcribed Image Text:Stork Enterprises delivers care packages for special occasions. They charge $35 for a small package, and $95 for a large package. The sales tax rate is 7%. During the month of May, Stork delivers 28 small packages and 41 large
packages.
A. What is the total tax charged to the customer per small package? What is the overall charge per small package? If required, round your answers to two decimal places.
Total tax charged $
per small package
Overall charge
$4
per small package
B. What is the total tax charged to the customer per large package? What is the overall charge per large package? If reguired, round your answers to two decimal places.
Total tax charged $
per large package
Overall charge
per large package
C. How much sales tax liability does Stork Enterprises have for the month of May? If required, round your answers to two decimal places.
D. What account is used to recognize this tax situation for the month of May?
E. When Stork remits payment to the sales tax governing body, what happens to the sales tax liability?
v would
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