Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 1 Ms. Sharon Herzog is employed with a large, publicly traded company. Her employment duties require her to travel and the employer provides her

image text in transcribed
Question 1 Ms. Sharon Herzog is employed with a large, publicly traded company. Her employment duties require her to travel and the employer provides her with an automobile. Sharon is allowed to use the automobile for personal use. However, there are some periods during the year when she does not need the car for employment purposes and during these periods she is required to return the car to her employer's premises where it can be used by other employees. The car that she will use was purchased by her employer in 2019 for $45,200, including $5,200 in HST. During the years 2019 and 2020, the company claimed maximum . During 2021, Sharon drove the car a total of 37,000 kilometers. The company pays all of her operating costs which, during 2021 totaled $11,340. Required: Indicate the minimum automobile benefit in each of the following independent Cases: Case 1 The car is available for 9 months of the year. Personal use during the year totals 6,000 kilometers with 31,000 kilometers for employment purposes. Case 2 - The car is available for 11 months of the year. Personal use during the year totals 28,000 kilometers with 9,000 kilometers for employment purposes. Case 3 The car is available for 7 months of the year. Employment use during the year totals 18,600 kilometers and personal use 18,400 kilometers

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

Banking And Finance Issues In Emerging Markets

Authors: William A. Barnett

1st Edition

1787564541, 9781787564541

More Books

Students also viewed these Accounting questions