Find what are lily taxable income and tax liability for year

Assignment Help Managerial Accounting

Reference no: EM132706842

Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. This year, she sells the following long-term assets used in her business:

Asset                Sales Price           Cost               Accumulated Depreciation
Building           $230,000    $200,000 $52,000
Equipment        80,000    148,000 23,000

Lily's taxable income before these transactions is $160,500.

Problem 1: What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)

Reference no: EM132706842

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