Malcolm Figueroa is a sales employee of Carefree Pools and Spas, Incorporated, During 2020, he was issued a company car with a fair market value of $35,000. He drove a total of 22,000 miles; used the car for 2,600 miles for personal use; and his employer paid for fuel, charging Malcolm 5.5 cents per mile. Required: Under the lease-value rule, what is the amount that must be added to Malcolm's gross pay for 2020? (Use the following table for lease values.) (Round your intermediate calculations and final answers to 2 decimal places.) Carefree Pools and Spas, Inc. Worksheet to Calculate Personal Use of Company Vehicle lalua Rule)
Malcolm Figueroa is a sales employee of Carefree Pools and Spas, Incorporated, During 2020, he was issued a company car with a fair market value of $35,000. He drove a total of 22,000 miles; used the car for 2,600 miles for personal use; and his employer paid for fuel, charging Malcolm 5.5 cents per mile. Required: Under the lease-value rule, what is the amount that must be added to Malcolm's gross pay for 2020? (Use the following table for lease values.) (Round your intermediate calculations and final answers to 2 decimal places.) Carefree Pools and Spas, Inc. Worksheet to Calculate Personal Use of Company Vehicle lalua Rule)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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