4561 SU 08 Midterm 1 marking key updated Oct 14 09 changes in red

4561 SU 08 Midterm - Question 1(22 max 22.5 available Salary Commissions Exclude $3000 of commissions as cash basis Medical disability RPP not

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Question 1 (22 max, 22.5 available) Marks Salary 100,000.00 0.5 Commissions 20,000.00 0.5 Exclude $3000 of commissions as cash basis 0.00 0.5 Medical, disability 0.00 0.5 Life insurance 250.00 1 Allowances: 12,000.00 1 Car - not per km 7,200.00 1 PD - no exception 2,500.00 1 Standby charge - 12000/20004 * (35000*2%*12) 5,038.99 2 1 mark for reduction, the other for the bracketed amounts Operating cost benefit lesser of 12000*.22 2640 1 1/2 mark x 2 or !/2 standby 2519 2,519.50 1 Reimbursment (1,100.00) 0.5 Stock opt ben deferred on 500 as public & > FMV on 500 sold - 500*(14-12) 1,000.00 2 1 mk for 500, 1 mk for 14-12 Housing loan interest benefit 100,000 @ 3% * 180/365 1,479 1 80,000 @ 3% * 185/365 ,216 2,695.89 1 deduct 1/2 mark overall if use 181 and 184 days GST Rebate 780.00 1 RPP contribution (5,000.00) 1 Various payroll deductions aren't deductions but credits etc 0.00 0.5 Travel expenses:
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This note was uploaded on 03/24/2012 for the course ADMS 4561 taught by Professor Josephfrankovic during the Spring '10 term at York University.

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4561 SU 08 Midterm - Question 1(22 max 22.5 available Salary Commissions Exclude $3000 of commissions as cash basis Medical disability RPP not

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