As the payroll administrator, you are given the following information regarding an employer leased automobile in Manitoba in 2019: Monthly lease cost: Days available: Total km: $423.75 (including GST & RST) 365 days 24,000 2,000 60 months (Enter this when using ABOC) Personal km: Total lease period: Required: Calculate the automobile benefit assuming: a. The employee did not elect to use the optional calculation for calculating the operating cost. b. The employee did elect to use the optional calculation for calculating the operating cost.
As the payroll administrator, you are given the following information regarding an employer leased automobile in Manitoba in 2019: Monthly lease cost: Days available: Total km: $423.75 (including GST & RST) 365 days 24,000 2,000 60 months (Enter this when using ABOC) Personal km: Total lease period: Required: Calculate the automobile benefit assuming: a. The employee did not elect to use the optional calculation for calculating the operating cost. b. The employee did elect to use the optional calculation for calculating the operating cost.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![As the payroll administrator, you are given the following information regarding an employer
leased automobile in Manitoba in 2019:
Monthly lease cost:
Days available:
Total km:
$423.75 (including GST & RST)
365 days
24,000
2,000
60 months (Enter this when using ABOC)
Personal km:
Total lease period:
Required:
Calculate the automobile benefit assuming:
a. The employee did not elect to use the optional calculation for calculating the
operating cost.
b. The employee did elect to use the optional calculation for calculating the operating
cost.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F453ba339-a77a-4730-a7be-4744fc9fbf80%2Ff3013e22-c801-42bf-849c-f5f4a63c6710%2F33h4l6a_processed.jpeg&w=3840&q=75)
Transcribed Image Text:As the payroll administrator, you are given the following information regarding an employer
leased automobile in Manitoba in 2019:
Monthly lease cost:
Days available:
Total km:
$423.75 (including GST & RST)
365 days
24,000
2,000
60 months (Enter this when using ABOC)
Personal km:
Total lease period:
Required:
Calculate the automobile benefit assuming:
a. The employee did not elect to use the optional calculation for calculating the
operating cost.
b. The employee did elect to use the optional calculation for calculating the operating
cost.
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