Stork 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 packag . 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 3. 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 . 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 $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 packag . 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 3. 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 . How much sales tax liability does Stork Enterprises have for the month of May? If required, round your answers to two decimal places.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Your answer is partially correct. Nash Taco Palace sells 320 gift cards at $60 per gift card and 160 of the gift cards are redeemed by year-end. Nash estimates that it will have 10% breakage on its gift cards. Prepare the entry for the gift card redemption and the expected breakage for the gift cards in the current year. (Ignore Cost of Goods Sold.) (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List oll debit entries before credit entries. Round intermediate calculations to 4 decimal places, eg. 0.2456 and final answers to 0 decimal places, eg. 5,125) Account Titles and Explanation Unearned Gift Card Revenue Sales Revenue Sales Revenue (Breakage) eTextbook and Media. Debit Credit 9600
Last month The Sweet Tooth Candy Shops had total sales, including sales tax, of $51,889. The stores are located in a state that has a sales tax of 6-%. (Round your answers to the nearest cent.) (a) As the accountant for The Sweet Tooth, calculate the amount of sales revenue (in $) for the shops last month. $4 (b) As the accountant for The Sweet Tooth, calculate the amount of sales taxes (in $) that must be sent to the state Department of Revenue. $4
Harry O'Brien operates Leather Warehouse, a leather shop that sells luggage, handbags, business cases, i other leather goods. During the month of May, the following transactions took place. The applicable sales tax rate is 6%. May 2 Sold merchandise on account to James Koffsky, $250.00, plus sales tax. 9 Sold merchandise on account to Kevin Nolon, $470.00, plus sales tax 12 James Koffsky returned $40.00 worth of merchandise purchased on May 2 for credit. 18 Sold merchandise on account to Joyce McKay, $110.00, plus sales tax 19 Sold merchandise on account to Tim Carney. $165.00, plus sales tax. 22 Received payment from James Koffsky on account. 26 Joyce McK ay was given an allowance of $30.00 when she reported damage in the merchandise purchased May 18 28 Sold merchandise on account to James Koffsky, $500.00, plus sales tax 29 Sold merchandise on account to Kevin Nolon, $230.00, plus sales tax. 31 Received payment from Joyce McKay on account. 31 Cash sales for the month were $2,600,…
Stork Enterprises delivers care packages for special occasions. They charge $45 for a small package, and $80 for a large package. The sales tax rate is 6%. During the month of May, Stork delivers 38 small packages and 22 large packages. PLEASE NOTE: All dollar amounts will be rounded to two decimal places using "$" with commas as needed (i.e. $12,345). What is the total tax charged to the customer per small package? $2.70 What is the overall charge per small package? $47.70 What is the total tax charged to the customer per large package? $4.80 What is the overall charge per large package? __________ How much sales tax liability does Stork Enterprises have for the month of May? __________
Flint Taco Palace sells 280 gift cards at $50 per gift card and 140 of the gift cards are redeemed by year-end. Flint estimates that it wi have 10% breakage on its gift cards. Prepare the entry for the gift card redemption and the expected breakage for the gift cards in the current year. (Ignore Cost of Goods Sold.) (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. Round intermediate calculations to 4 decimal places, eg. 0.2456 and final answers to 0 decimal places, e.g. 5,125.) Account Titles and Explanation Cash Unearned Gift Card Revenue Subscriptions Revenue. Debit 14000 Credit 7000 7000
Lauren's gross pay for July was $3188.35 on net sales totalling S88,630. If her base salary is $1000 per month, what is her rate of commission on sales exceeding her monthly quota of $40,000? (Round your answer to 2 decimal places.) Commission rate
Please do not give solution in image format ?
9. Z CO., is a manufacturer of corn and vegetable cooking oils. It had the following data in a month VAT not included: Sales P 900,000 Purchases from farmers: Of corns Of vegetables Purchases from VAT suppliers: Of paper labels Others 200,000 220,000 5,000 500 Purchases of plastic containers from VAT suppliers Purchases of machine parts from non-VAT supplier How much was the value-added tax payable for the month? 40,000 80,000 brod ban 10. Give the journal entries: a. On a purchase for cash, VAT not included, of P60,000. b. On a sale for cash, VAT not included of P80,000. c. On the recognition of the value-added tax payable of P20,000.
11. ALGEBRA Fatima Sheroud sells children's clothing for The Grasshopper Shoppe. She is paid weekly on a straight commission of 4% on sales of $5,000.00 or less and 5% on sales in excess of $5,000.00. One week Fatima had a gross pay of $594.50. What were her total sales for that week? nts reserved.
Elegant Electronics sells a cellular phone on September 2 for $450. On September 6, Elegant sells another cellular phone for $500. Sales tax is computed at 3.5% of the total sale. Prepare journal entries for each sale, including sales tax, and the remittance of all sales tax to the tax board on October 23.
Cobb Baseball Bats sold 45 bats for $50 each, plus an additional state sales tax of 6%. The customer paid cash.Required:Prepare the journal entry to record the sale.
ABC Co. owns a branch. At the end of the month, the balance of the Allowance on overvaluation is P95,000. The branch reported the following: beg. inventories – P15,000; ending inventories – P100,000; shipments from Home Office P555,000; Sales – P800,000; Expenses – P200,000. What is the percentage of profit on cost that the Home office uses to bill the branch?