Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lise Leclerc works for Direct Corporation in Alberta and is provided with a company-leased automobile. The automobile was in Lise's possession for 365 days. Of

Lise Leclerc works for Direct Corporation in Alberta and is provided with a company-leased automobile. The automobile was in Lise's possession for 365 days. Of the 32,294 kilometres driven, 15,079 kilometres were for business purposes. The monthly lease cost of the vehicle was $519.80, excluding the GST calculated at 5%. Lise requested in writing that Direct Corporation use the optional operating cost method if all the conditions apply. She did not reimburse the company for any of the expenses associated with the automobile. 

Calculate Lise's annual automobile taxable benefit.

Step by Step Solution

3.37 Rating (169 Votes )

There are 3 Steps involved in it

Step: 1

The annual automobile ... 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

Fundamental Managerial Accounting Concepts

Authors: Edmonds, Tsay, olds

6th Edition

71220720, 78110890, 9780071220729, 978-0078110894

More Books

Students also viewed these Accounting questions