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 packageOverall charge$_________per small packageB. What is the total tax charged to the customer per large package? What is the overall charge per large package? If required, round your answers to two decimal places.Total tax charged$__________per large packageOverall charge$__________per large packageC. How much sales tax liability does Stork Enterprises have for the month of May? If required, round your answers to two decimal places.$__________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 _________ . 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 largepackages.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 packageOverall charge$4per small packageB. 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 packageOverall chargeper large packageC. 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

Answered: Stork Enterprises delivers care…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

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 _________ .

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

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Sales Tax, Restaurant Tax and Lodging Taxes

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions