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Accounting

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1. Robert, a new client of yours, is a self-employed caterer in Nashville, Tennessee. Robert drives his personal van when delivering catered meals to customers. You have asked him to provide the amount of business miles driven using his vehicle. You are planning on using the standard mileage method to calculate Robert's deduction for transportation costs. Robert has responded by saying, "Well, I don't really keep track of my miles. I guess I drove around 3,000 miles last year for the business." What would you say to Robert? 

2. The statement of financial position of Soorkee Company as of December 1, 2011 had book and fair market values as shown below:

On December 1, 2011, Pulaskee Company purchased all of Soorkee Company’s share for P600,000.

Required:

1. Prepare a journal entry on the books of Pulaskee Company to record the share acquisition.
2. Prepare a schedule showing the determination and allocation of the difference between the consideration given and the book value of interest acquired.
3. Prepare the consolidated statements worksheet elimination entries.

3. on the financial statements. (6.2A) Summarize factory payroll taxes. (Obj.9). A summary of taxable rory wages or the Sunshine Corporation for the month of March 2006 is shown below. Department Factory Supply Factory Administration Cutting Assembly Finishing Wages Subject To: Social Security (6.2%) Federal (.8%) and State (3.8%) and Medicare (1.5%) Taxes Unemployment Taxes $52,800 $20,130 53,260 12,110 72,380 28,640 79,910 33,750 84,620 30,970 Instructions 1. Compute the employer's payroll taxes to be charged to each department. Use the data to prepare the summary of factory payroll taxes for March 2006. 2. Prepare an entry in general journal form to record the taxes. Use the account titles in your textbook. journal entries.

4. 

The January 1, 2011 statement of financial position of Skittle Company at book and market values is as follows:

Polypeptide Company paid P950,000 in cash for 90% of Skittle Company’s ordinary share capital.

Required:

1. Prepare a journal entry on Polypeptide’s books to record the acquisition of the Skittles share.
2. Prepare a schedule of the allocation of the difference between the consideration given and the book value of interest acquired from Skittle Company.
3. Prepare the elimination entries for the consolidated statements worksheet.