In the current year, Mr. Nguyen is provided with a vehicle owned by his employer, Translux...
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In the current year, Mr. Nguyen is provided with a vehicle owned by his employer, Translux Inc. The vehicle was originally purchased by Translux Inc. five years ago for $29,500 (including HST). Nguyen provides you with the following information: Days the vehicle was available for use by Mr. Nguyen: 275 Months the vehicle was owned by Translux Inc.: 12 Fair market value of the vehicle in the current year: $12,500 Total kilometres driven in the current year: 32,000 Personal kilometres driven in the current year: 12,000 The minimum standby charge arising from the employer owned vehicle for Mr. Nguyen in the current year is: A. $4,247 В. $2.250 C. $5,310 D. $7,080 In the current year, Mr. Nguyen is provided with a vehicle owned by his employer, Translux Inc. The vehicle was originally purchased by Translux Inc. five years ago for $29,500 (including HST). Nguyen provides you with the following information: Days the vehicle was available for use by Mr. Nguyen: 275 Months the vehicle was owned by Translux Inc.: 12 Fair market value of the vehicle in the current year: $12,500 Total kilometres driven in the current year: 32,000 Personal kilometres driven in the current year: 12,000 The minimum standby charge arising from the employer owned vehicle for Mr. Nguyen in the current year is: A. $4,247 В. $2.250 C. $5,310 D. $7,080
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Option A is correct Reduced standby charge method should be used to compute autom... View the full answer
Related Book For
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
Posted Date:
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