Calculate marie annual automobile taxable benefit

Assignment Help Accounting Basics
Reference no: EM133185549

Question - Marie Massy works for Direct Corporation in Nunavut and is provided with a company-leased automobile. The automobile was in Marie's possession for 365 days. Of the 33,958 kilometres driven, 15,188 kilometres were for business purposes. The monthly lease cost of the vehicle was $413.80, excluding the GST calculated at 5%. Marie requested in writing that Direct Corporation use 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. Calculate Marie's annual automobile taxable benefit.

Reference no: EM133185549

Questions Cloud

Determine the vaughn manufacturing materials price variance : Question - Vaughn Manufacturing has a materials price standard of $2.00 per pound. Determine the Vaughn Manufacturing materials price variance
What is the amount of your monthly repayment : If the bank requires monthly payments and interest is added monthly what is the amount of your monthly repayment
How much is raven corp dividends received deduction : Raven Corporation, a C Corporation, reports the following items of income and expense for 2021: How much is Raven Corp dividends received deduction
What is their adjusted gross income : Mr. and Mrs. Liddy had the following tax data for 2021: Wages $40,000 and Interest Income 5,000. What is their adjusted gross income
Calculate marie annual automobile taxable benefit : She did not reimburse the company for any of the expenses associated with the automobile. Calculate Marie's annual automobile taxable benefit
Differences between the basic gap and duration gap analysis : What are the main differences between the Basic Gap and Duration Gap analysis for the management of banks' interest-rate risk
Prepare an incremental analysis report for coyle company : Prepare an incremental analysis report for Coyle Company which can serve as informational input into this make or buy decision
Calculate the current ratio and debt to equity : Calculate the current ratio, debt to equity, and return on equity (ROE) ratios for the two most recent years for Target. For the calculation of ROE
Prepare the consolidated statement of profit or loss : Sophy trade receivables at 31st December 2020 included $400,000 due from Jacob. Prepare the Consolidated statement of Profit or Loss

Reviews

Write a Review

Accounting Basics Questions & Answers

  Explain the term screen scraping

Explain the term "screen scraping" and clearly explain how it differs from "enterprise integration application system

  Find a journal article online about the proper accounting

Find a journal article online about the proper accounting treatment for support department costs, joint costs, spoilage, or scrap

  Excel problem

Peg Henderson is an assistant dean at the College of Business Administration (CBA). She uses Excel daily for a variety of tasks, including tracking student internships and alumni. For this project, Peg wants you to create an Excel table from infor..

  Write the journal entries to record the disposal

Write the journal entries to record the disposal of the old delivery truck on 31 March 2018, including calculation of gain or loss. Show your calculations

  Prepare the journal entry to record the exchange

Novak Corporation traded a used truck for a small computer with a fair value of $3,432. Prepare the journal entry to record the exchange

  What corrections should be made to the trial balance

Alpha received cash of $300 in advance from a customer that has not yet been earned, What corrections should be made to the trial balance

  What amount will kate company report as depreciation expense

Kate Company purchased a tractor at a cost of $180,000. What amount will Kate Company report as depreciation expense

  Discuss the strategic implications

Discuss what these traditional financial statements do well as well as the limitations of these financial statements for valuing information/knowledge age companies.

  Calculate the value of direct material and variable

calculate the value of direct material and variable overheads per unit from the details below assuming variable

  What is the npv for the project

McGilla Golf has decided to sell a new line of golf clubs. The length of this project is seven years. The company has spent $140,811 on research and development

  The current period statement of cash flows includes the

the current period statement of cash flows includes the flowing cash balance at the beginning of the period 409967 cash

  Describe the fund accounting implications

A large city has been financing all of its services through property taxes and sales taxes. As the cost of services has been increasing.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd