Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2 4 If you use your car for both business and pleasure, the Canada Revenue Agency will usually allow you to report a portion of

24
If you use your car for both business and pleasure, the Canada Revenue Agency will usually allow you to report a portion of the costs of operating the vehicle as a business expense. This portion is determined by the ratio of the distance travelled on business to the total distance travelled in the year.
Last year, Harjap spent a total of $11,348 on gasoline, oil, repairs and maintenance, and insurance. His travel log shows that he drove 14,488km on business and 8329km on personal use.
What vehicle expense can Harjap report for the year? (Round your answer to the nearest cent.)
Vehicle business expenses
$
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Strategic Management State Of The Field And Its Future

Authors: Irene M. Duhaime , Michael A. Hitt , Marjorie A. Lyles

1st Edition

0190090898, 978-0190090890

More Books

Students also viewed these General Management questions