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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 Building Equipment Sales Price $ 232,200 82,200 Cost $ 202,200 150,200 Accumulated Depreciation $ 54,200 25,200 Lily's taxable income before these transactions is $192,700. 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. Answer is complete but not entirely correct. Description Amount Taxable income $ 234,100 Tax liability $ 58,692

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 Building Equipment Sales Price $ 232,200 82,200 Cost $ 202,200 150,200 Accumulated Depreciation $ 54,200 25,200 Lily's taxable income before these transactions is $192,700. 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. Answer is complete but not entirely correct. Description Amount Taxable income $ 234,100 Tax liability $ 58,692

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 Building Equipment Sales Price $ 232,200 82,200 Cost $ 202,200 150,200 Accumulated Depreciation $ 54,200 25,200 Lily's taxable income before these transactions is $192,700. 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. Answer is complete but not entirely correct. Description Amount Taxable income $ 234,100 Tax liability $ 58,692
Transcribed Image Text: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 Building Equipment Sales Price $ 232,200 82,200 Cost $ 202,200 150,200 Accumulated Depreciation $ 54,200 25,200 Lily's taxable income before these transactions is $192,700. 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. Answer is complete but not entirely correct. Description Amount Taxable income $ 234,100 Tax liability $ 58,692
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