Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following facts relate to an employer provided automobile. Original cost of automobile, including HST $40,000 Replacement value of car at time of providing it

The following facts relate to an employer provided automobile.

Original cost of automobile, including HST

$40,000

Replacement value of car at time of providing it to employee

$30,000

CCA claimed by employer

$3,000

Personal use kilometers driven by employee during the year

2,000 km

Total kilometers driven by employee during the year

30,000 km

Number of months automobile was used by employee

12

Which one of the following amounts represents the employee's minimum standby charge in

2022?

Question content area bottom

Part 1

A.

$720

B.

$960

C.

$640

D.$ 9600

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_2

Step: 3

blur-text-image_3

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

Accounting for Governmental and Nonprofit Entities

Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus

16th Edition

78110939, 978-0078110931

More Books

Students also viewed these Accounting questions