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Quinn is an employee of Caribbean Imports. Quinn’s company car is a 2022 Toyota Prius LXE with a fair-market value of $30,000 and a lease value of $8,250, according to Publication 15-b. During the year, Quinn drove 36,953 miles, of which 6,822 were for personal use. The car was available for use on 250 of the days during the year. All gasoline was provided by the employer and is charged back to Quinn at $0.055 per mile. What is the percentage of personal use by Quinn?   Note: Do not round intermediate calculations, only round final answer to two decimal points.   Multiple Choice   68.49%   35.97%   18.46%   6.64%

Quinn is an employee of Caribbean Imports. Quinn’s company car is a 2022 Toyota Prius LXE with a fair-market value of $30,000 and a lease value of $8,250, according to Publication 15-b. During the year, Quinn drove 36,953 miles, of which 6,822 were for personal use. The car was available for use on 250 of the days during the year. All gasoline was provided by the employer and is charged back to Quinn at $0.055 per mile. What is the percentage of personal use by Quinn?   Note: Do not round intermediate calculations, only round final answer to two decimal points.   Multiple Choice   68.49%   35.97%   18.46%   6.64%

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Quinn is an employee of Caribbean Imports. Quinn’s company car is a 2022 Toyota Prius LXE with a fair-market value of $30,000 and a lease value of $8,250, according to Publication 15-b. During the year, Quinn drove 36,953 miles, of which 6,822 were for personal use. The car was available for use on 250 of the days during the year. All gasoline was provided by the employer and is charged back to Quinn at $0.055 per mile. What is the percentage of personal use by Quinn?

 

Note: Do not round intermediate calculations, only round final answer to two decimal points.

 

Multiple Choice

 

68.49%

 

35.97%

 

18.46%

 

6.64%

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