Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the cost of the car is $40,000 including hst. if t

The cost of the car is $40,000 including HST. If the car is leased, the...

80.2K

Verified Solution

Question

Accounting

The cost of the car is $40,000 including HST. If the car is leased, the monthly lease payment is $700 including HST. The car is driven for a total of 24,000 km during 2021 and its operating costs for the year are $7,000. Assume the car is purchased. It is used by the employee for 8 months of the year. In the other month, they were required to return the car to their employer's premises. They drive it for personal purposes for a total of 7,000 km.

Required: Calculate the minimum taxable benefit. This includes the standby charge and the operating cost.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

How sleep works? and why people need to sleep ?

Psychology
Q

1 4 next match 15 a Ann entered a raffle at a festival and hopes...

Basic Math
Q

-X Answer the following questions about the function whose derivative is f'(x) = (x+3) e...

Basic Math
Q

The point P(5,-3) lies on the curve yT(a) If Q is the point(1) 4.9MpQ11(ii) 4.99MpQ(iii)...

Calculus
Q

Solve the following initial value problem and leave the solution in implicit form Use graphing...

Calculus
Q

Exercise 21A-12 a-f On January 1, 2017, Sandhill Company leased equipment to Flynn Corporation. The...

Accounting
Q

Which of the following is a service company? Multiple Choice General Motors H\&R Block The...

Accounting
Q

vtiup 29itilidsiJ 922A sildsys

Accounting
Q

Stacy Company issued five-year, 12% bonds with a face value of $15,000 on January 1,...

Accounting
Q

Grove Media plans to acquire production equipment for $827,500 that will be depreciated for tax...

Accounting
Q

Three divisions of Jameson Co. report the following sales and operating data: Required: 1. Compute...

Accounting
Q

4 pts You hold an equally-weighted (half invested in each) portfolio consisting of two stocks...

Finance