Question
MarieMassyworks forLiberty PromotionsinNorthwest Territoriesand is provided with a company-leased automobile. The automobile was inMarie's possession for 365 days. Of the33,884kilometres driven,16,114kilometres were for business purposes.
MarieMassyworks forLiberty PromotionsinNorthwest Territoriesand is provided with a company-leased automobile. The automobile was inMarie's possession for 365 days. Of the33,884kilometres driven,16,114kilometres were for business purposes. The monthly lease cost of the vehicle was $339.20, excluding the GST calculated at5%.
Marierequested in writing thatLiberty Promotionsuse 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.
CalculateMarie's annual automobile taxable benefit.
Your answer:
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Financial & Managerial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
13th edition
9781133607618, 978-1285868776
