Malcolm Figueroa is a sales employee of Carefree Pools and Spas, Incorporated. In 2021, 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 3,700 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 2021? (Use the following table for lease values.) (Round "Employer Charge Per Mile" to 3 decimal places. Round other intermediate calculations and final answers to 2 decimal place.) Employee Name: Malcolm Figueroa Annual Lease Method: 1. Fair Market Value of Vehicle: 2. Annual Lease Value: 3. Prorated Annual Lease Percentage: 3. Prorated Annual Lease Percentage: 4. Prorated Annual Lease Value: 4. Prorated Annual Lease Value: 5. If fuel is provided by the employer, enter personal miles: 5. Total fuel charge for the personal miles driven: 6. Total Personal Use Taxable Income: Carefree Pools and Spas, Incorporated Worksheet to Calculate Personal Use of Company Vehicle (Lease-Value Rule) Annual Lease Value Personal Miles Prorated Annual Lease Percentage Employer Charge Per Mile

Malcolm Figueroa is a sales employee of Carefree Pools and Spas, Incorporated. In 2021, 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 3,700 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 2021? (Use the following table for lease values.) (Round "Employer Charge Per Mile" to 3 decimal places. Round other intermediate calculations and final answers to 2 decimal place.) Employee Name: Malcolm Figueroa Annual Lease Method: 1. Fair Market Value of Vehicle: 2. Annual Lease Value: 3. Prorated Annual Lease Percentage: 3. Prorated Annual Lease Percentage: 4. Prorated Annual Lease Value: 4. Prorated Annual Lease Value: 5. If fuel is provided by the employer, enter personal miles: 5. Total fuel charge for the personal miles driven: 6. Total Personal Use Taxable Income: Carefree Pools and Spas, Incorporated Worksheet to Calculate Personal Use of Company Vehicle (Lease-Value Rule) Annual Lease Value Personal Miles Prorated Annual Lease Percentage Employer Charge Per Mile

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Need help on part A
Use the following accounts; Cash Foreign exchange gain Foreign exchange loss Capital Bank Short-term investments Loss on sale of short-term investment Gain on sale of short-term investment RA established his own company, r@ktas Co. The following transactions are the events that occurred during December 2018, the company's first month: Date 12/1 The owner invested $ 200,000 cash for capital. 12/5 r@ktas Co., opened deposit account on Don't Trust Bank and put 2.000 Euro (Exchange rate was 1 Euro= 1,5 Dollar) 12/10 The Company purchased short-term investment with cash for $2,500. 12/18 The Company sold short-term investment with cash for $2.000 Note: • Exchange rate was 1 Euro= 1,4 Dollar at the end of the period. Requirements: 1- Give the journal entry for each transaction. 2- Post each transaction to Taccounts.
how do you record line i.
1. I n w h i c h , i f a n y , o f t h e i n v e s t m e n t s s h o w n i n t h e f o l l o w i n g t a b l e d o y o u r e c o m m e n d t h a t t h e f i r m i n v e s t ? E x p l a i n y ou r a n s w e r . H o w m u c h n e w f i n a n c i n g i s r e q u i r e d ? ( N o t e : T h e p i c t u r e a t t a c h e d i s f o r t h e n o . 1 q u e s t i o n )
Bussenes
help me with this 2 pls
Е. F. G. Н. I. J. К. D.
cing inventories, and use Muliple Clsice
E x p l a i n t h e l i m i t a t i o n s o f b r e a k e v e n a n a l y s i s.
dinghe frieThe wdh d