Problem 3-48 (LO 3-3, LO 3-4, LO 3-5) (Algo) Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2022, she sells the following long-term assets used in her business: Asset Building Equipment Sales Price $ 234,600 84,600 Description Taxable income Tax liability Cost $ 204,600 152,600 Lily's taxable income before these transactions is $195,100. 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. $ Amount Accumulated Depreciation 241,300 $ 56,600 27,600
Problem 3-48 (LO 3-3, LO 3-4, LO 3-5) (Algo) Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2022, she sells the following long-term assets used in her business: Asset Building Equipment Sales Price $ 234,600 84,600 Description Taxable income Tax liability Cost $ 204,600 152,600 Lily's taxable income before these transactions is $195,100. 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. $ Amount Accumulated Depreciation 241,300 $ 56,600 27,600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem 3-48 (LO 3-3, LO 3-4, LO 3-5) (Algo)
Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2022, she sells the following long-term assets used in
her business:
Asset
Building
Equipment
Sales Price
$ 234,600
84,600
Description
Taxable income
Tax liability
Cost
$ 204,600
152,600
Lily's taxable income before these transactions is $195,100. 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.
$
Amount
Accumulated
Depreciation
241,300
$ 56,600
27,600
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