Rodney Atwater is a sales representative for American Silk Mills. Because he visits customer sites, he has a company car. He drove 25,500 miles during 2017, of which he reported 15 percent was personal miles. Using the cents-per-mile rule, what is the valuation of this benefit for 2017?
What will be an ideal response?
a. $2,046.38 = 25,500 miles x 15% personal use x $.535 rate per mile
You might also like to view...
A communicator's ability to listen, understand and meet the needs of the reader is an example of what type of communication?
A) Audience-centered B) Etiquette based C) Digital D) Chain of command E) Ethical
An accountant may have conducted such a limited audit that she does not feel able to offer an opinion as to the accuracy of the client's financial statements. In such situations, the accountant may issue a(n) ________.
A. opinion letter B. unaudited statement C. disclaimer D. qualified opinion
Capital investment analysis is also known as capital budgeting
Indicate whether the statement is true or false
An example of a developmental need would be, "I become flustered when I talk to people who hold important positions."
Indicate whether the statement is true or false.