What are lilys taxable income and tax liability for the, Ask an Expert

Accounting

Lily, 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 $304,800 $272,000 $70,000
Equipment 103,000 188,600 30,400

Lily's taxable income before these transactions is $162,000.

What are Lily's taxable income and tax liability for the year?

Taxable income $
Tax liability $

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9405640

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