Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2023, 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 $190,500. What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Answr must be in table format or i will give down vote
Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2023, 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 $190,500. What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Answr must be in table format or i will give down vote
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2023, she sells the following long-term assets used in her business:
| Asset | Sales Price | Cost | |
|---|---|---|---|
| Building | $ 230,000 | $ 200,000 | $ 52,000 |
| Equipment | 80,000 | 148,000 | 23,000 |
Lily's taxable income before these transactions is $190,500. What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference.
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.
Answr must be in table format or i will give down vote
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