Michael Is an Employee of StayHere Hotels,Inc

question 22

Multiple Choice

Michael is an employee of StayHere Hotels,Inc.in Washington,DC.On his vacation,Michael travels to San Francisco and stays at a StayHere Hotel for six nights free of charge.The regular rate for a hotel room at StayHere in San Francisco is $300 a night.His ability to stay in the hotel without charge is based on the availability of empty rooms.How much income must Michael report due to the use of the San Francisco hotel room?

• A)$0
• B)$300
• C)$360
• D)$1,800

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Definitions:

Itemization

Refers to the process of breaking down a list or group into individual elements for detailed analysis or reporting.

Goods And Purchases

Transactions related to buying and selling physical products or merchandise in various economic sectors.

Accounting Formula

The formula that is considered the basis for all financial accounting, which is assets minus liabilities equals net worth.

Net Worth

The total value of an individual's or entity's assets minus liabilities, representing financial health.