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DochEvi [55]
2 years ago
10

Kristen’s employer owns its building and provides parking space for its employees. The value of the free parking is $150 per mon

th. Karen’s employer does not have parking facilities but reimburses its employees for the cost of parking in a nearby garage up to $150 per month.
a. Kristen and Karen must recognize gross income from the parking services.
b. Kristen can exclude the employer-provided parking from gross income, but Karen must include her reimbursement in gross income.
c. Kristen must include the value of the employer-provided parking from her gross income, but Karen can exclude her reimbursement from gross income.
d. Neither Kristen nor Karen is required to include the cost of parking in gross income.
e. None of these.
Business
1 answer:
balu736 [363]2 years ago
5 0

Answer:

Neither Kristen nor Karen is required to include the cost of parking in gross income.

Explanation:

As a qualified transportation fringe, both Kristen and Karen's benefit can be excluded from gross income. Karen's reimbursement is less than the maximum exclusion amount allowed. Likewise, the value of Karen's free parking is less than the maximum exclusion amount allowed.

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Nutka1998 [239]

Answer:

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Explanation:

Indirect method make adjustment to reconcile the net income to cash. It depends on the account if it is added or subtracted to net income.

We are going to analyze the options

a. The operating section of the indirect method starts with the net income of the period TRUE

b. In the indirect method statement, the period's depreciation is added to net income because it is a source of cash

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c. Interest payments are included in the operating section of the direct method statement

TRUE

d. The investing section of the direct method statement for a period is identical to the investing section of the indirect method statement for the same period TRUE

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