Kevin is the financial manager of Levingston BMW. The shop allows employees to purchase vehicles per year

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Kevin is the financial manager of Levingston BMW. The shop allows employees to purchase vehicles per year at a discount. Levingston’s average gross profit percentage is 15%. This year Kevin purchased a 530 model and a new M3.

Model	FMV	Dealer cost	Employee Price
530	$63,200	$50,600	$54,100
M3	$71,500	$60,200	$57,200

What amount must Kevin include in income?

Related Book For answer-question

Accounting for Governmental and Nonprofit Entities

ISBN: ?978-0073379609

15th Edition

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

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Posted Date: May 01, 2021 07:15 PM

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Kevin is the financial manager of Levingston BMW. The shop allows employees to purchase vehicles per year

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Actual discount received for model 530 63200 54100 9100 Qualified discount on m... View the full answer

Accounting for Governmental and Nonprofit Entities

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