Question
Kevin is the financial manager of Levingston BMW. The shop allows employees to purchase up to two vehicles at a discount. Levingstons average gross profit
Kevin is the financial manager of Levingston BMW. The shop allows employees to purchase up to two vehicles at a discount. Levingstons average gross profit percentage is 15%. This year Kevin purchased a 530 model and a new M3.
| Model | FMV | Dealer cost | Employee Price |
| 530 | $63,750 | $50,750 | $54,375 |
| M3 | $70,900 | $60,750 | $57,750 |
|
| |||
What amount must Kevin include in income?
and its not 0
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Auditing
Authors: Alan Millichamp, John Taylor
11th Edition
1473749301, 978-1473749306
