When carbonating beer or soda from a 5lb CO2 tank, your individual mileage may vary. There are many factors that go into carbonating liquids, primarily Volumes of CO2. The more CO2 (air) that you want force into your soda (or beer), the less you'll be able to carbonate. In addition to the volumes of CO2 that are being forced into your beverage, other factors that may come into play are CO2 leakage and the actual fill of the tank.
5lb CO2 tank will make roughly 85 to 132.5 liters
I typically carbonate 5 gallon soda kegs, and depending on the amount of carbonation I'm forcing into each keg, I'm usually able to get between 5-7 kegs out of a 5lb CO2 tank.
1 gallon = 3.8 liters
5 gallons = 18.9 liters
25 gallons (5 kegs) = 94.6 liters
35 gallons (7 kegs) = 132.5 liters