Question: 4. Mrs. Janet is provided with an auto mobile by her employer. The employer acquired the auto mobile in 2015 for $25000 plus $1250

4. Mrs. Janet is provided with an auto mobile by her employer. The employeracquired the auto mobile in 2015 for $25000 plus

4. Mrs. Janet is provided with an auto mobile by her employer. The employer acquired the auto mobile in 2015 for $25000 plus $1250 GST and $2000 PST. During 2016, Janet drive the auto mobile a total distance of 28000 kilometre, 16000 kilometre which were related to employment duties. the car is available throughout the year. Calculate Janet's minimum 2016 taxable benefit for the use of auto mobile. (4 marks)

Step by Step Solution

★★★★★

3.27 Rating (153 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Puchase price of a car 25000 GST 1250 PST 2000 Total purchase ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Helen's Cutting Station offers a new concept in haircuts; low cost and very quick. Set in a local mall, Helen's offers 15-minute haircuts for harried shoppers who do not have time for lengthy...

Ms. High is an employee that is provided with an automobile that her employer bought at a cost of $112,750 including all taxes. The total operating costs of the car were $0.60/km for the year and...

Ms. Robin Nestor is provided with an automobile that is owned by her employer. The employer purchased the car in 2018 for $54,000, plus $7,020 in HST. During 2019, she drives a car a total of 72,000...

Consider a simple economy with two consumers, a single consumption good x and two time periods. Consumption of the good in period i is denoted b xt for t = 1, 2. Intertemporal utility functions for...

Waypine Enterprises reported a pretax operating loss of $84,000 in 2014, its first year of operations, and recognized a tax benefit of $6,000, based on the assumption that $40,000 of the loss could...

At the beginning of April, Vanessa Wende launched a custom computer solutions company called Soft-works. The company had the following transactions during April. a. Vanessa Wende invested $155,000...

Multiply Choice 1. On Monday, Wolfe paid Aston Co., a furniture retailer, $500 for a table. On Thursday, Aston notified Wolfe that the table was ready to be picked up. On Saturday, while Aston was...

Multiple choice questions: The cumulative effect of an accounting change should generally be reported as an adjustment to the beginning balance of retained earnings in the period in which the change...

The following captions are sub-totals appearing in the shareholders' equity section of the balance sheet for Hudson Day Corporation: a. Total share capital b. Total retained earnings Required: For...

The following transactions, adjusting entries, and closing entries were completed by Robinson Furniture Co. during a three-year period. All are related to the use of delivery equipment. The...

Red Deer Electronics Inc. manufactures a variety of printers, scanners, and fax machines in its two divisions: the PSF division and the components division. The components division produces...

[][] For the boolean matrices, 2) Find the join of the two matrices b) Find the meet of the two matrices

The mass ratios of 40Ar to 40K can also be used to date geological materials. Potassium-40 decays by two processes: a. Why are 40Ar/40K ratios rather than 40Ca/40K ratios used to date materials? b....

True or False? Inheritance in a will can be stated conditionally, which meass that the inheritor must meet certain conditions in order to True False

Your company must make a $500,000 balloon payment on a lease 2 years and 9 months from today. You have been directed to deposit an amount of money quarterly, beginning today, to provide for the...

On January 1, 2011, Evans Company entered into a non-cancelable lease for a machine to be used in its manufacturing operations. The lease transfers ownership of the machine to Evans by the end of the...

June production generated the following activity in Auto Chassis Companys Work in process inventory account: Additionally, Auto has completed Jobs 142 and 143, with total costs of $38,000 and...

A cord is wrapped around a pulley of mass m and radius r. The free end of the cord is connected to a block of mass M. The block starts from rest and then slides down an incline that makes an angle...

Sand from a stationary hopper falls onto a moving conveyor belt at the rate of 5.00 kg/s as in Figure P9.72 The conveyor belt is supported by frictionless rollers and moves at a constant speed of...

True or False? A cumulative frequency represents the number of items with values less than or equal to a given value. True False

Discuss briefly the different functions of the master schedule.

What are the strengths and weaknesses of a demand forecasting system? What limitations to the systems must we be aware of?

A market research analyst used multiple regression analysis to determine the impact of price and promotion on the sale of a new brand of cereal. The analyst collected data from three variables from...

3. As an interviewer, what is the best way to ask questions that will get an interviewee to tell you about what motivates him or her?

Where do you see yourself in the future?

1. What type of outfits are you expected to wear at work?