FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- 2 A storekeeper bought merchandise for $2940. If she sells the merchandise at 16% above cost, how much gross profit does she make? Her gross profit is $ (Type an integer or a decimal)arrow_forwardThe amount of markup on a store item is $11. Find the cost to the store if the markup is 20%.arrow_forwardStork Enterprises delivers care packages for special occasions. They charge $55 for a small package, and $85 for a large package. The sales tax rate is 7%. During the month of May, Stork delivers 48 small packages and 25 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? Sales Tax Payable E. When Stork remits payment to the sales tax…arrow_forward
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