An employee is required to use her own automobile for employment duties. She acquired a new car at the beginning of the year for $40000 (including GST and HST of 8%) and during the year she incurred the following expenses. Gasoline $2200, repairs and maintenance $400, insurance and registration $800, meals while away from the office $420 ($200 relates to out of town travel), parking during employment duties $ 300 and interest on loan to acquire car $3900. During the year, the employee drove 26000 km of which 14000 were for employment duties and the remaining were personal. Compute the personal and employment expenses.
An employee is required to use her own automobile for employment duties. She acquired a new car at the beginning of the year for $40000 (including GST and HST of 8%) and during the year she incurred the following expenses. Gasoline $2200, repairs and maintenance $400, insurance and registration $800, meals while away from the office $420 ($200 relates to out of town travel), parking during employment duties $ 300 and interest on loan to acquire car $3900. During the year, the employee drove 26000 km of which 14000 were for employment duties and the remaining were personal. Compute the personal and employment expenses.
Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion
Section: Chapter Questions
Problem 55P
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT