Question
Kevin is the financial manager of Levingston BMW. The shop allows employees to purchase up to two vehicles per year at a discount. Levingston's average
Kevin is the financial manager of Levingston BMW. The shop allows employees to purchase up to two vehicles per year at a discount. Levingston's average gross profit percentage is 15%. This year Kevin purchased a 530 model and a new M3.
| Model | FMV | Dealer cost | Employee Price |
| 530 | $63,000 | $50,000 | $54,000 |
| M3 | $70,000 | $60,000 | $57,000 |
What amount must Kevin include in income?
Multiple Choice:
a. $0. b. $2,500. c. $2,950. d. $22,000.
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International Auditing Standards In The United States Comparing And Understanding Standards For ISA And PCAOB
Authors: Asokan Anandarajan
1st Edition
1606496123, 978-1606496121
