What are lily taxable income and tax liability for year

Assignment Help Accounting Basics
Reference no: EM13125434

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 $

Reference no: EM13125434

Questions Cloud

Elucidate how the use of the losses in part a : Elucidate how the use of the losses in Part a would change if instead Raider were a partnership, and Monte and Allie were partners who shared profits, losses, and liabilities equally.
Explain working with temperature and gas : Working with Temperature and Gas 1. What is the final temperature if 25 mL of milk 3.0 degrees Celsius is mixed with 150 mL of coffee at 95 degrees Celsius? Start by writing the equation that shows conservation of energy. State any assumptions you..
What mass of ch3co2h is required : what mass of CH3CO2H is required to prepare 100.00ml of a 0.48M acetic acid solution?
Write a paper on "No child left behind" : Write a research paper on No Child Left Behind
What are lily taxable income and tax liability for year : What are Lily's taxable income and tax liability for the year?
Illustrate what amount of loss will black corporation : At the time of the liquidating distribution, the land had a fair market value of $100,000. Illustrate what amount of loss will Black Corporation recognize on the distribution of the land?
Explain molecular and empirical formulas : Explain Molecular and Empirical Formulas, Ibuprofen, a headache remedy, contains 75.69% C, 8.80% H and 15.51% O by mass, and has a molar mass of 206g/mol.
What is the value of the consumers surplus : Find the total revenue of the monopolist when it sells 6 units of the commodity without practicing any form of price discrimination. What is the value of the consumers' surplus?
Systems of equations-five word problems : Determine 2 numbers such that the difference of its squares is 120 and the sum is 6. If I have 30 coins of two kinds 5 cents and 1 cent can I have a total of 78? A rectangle has a perimeter of 392 m calculate its dimensions if the length is 52 m long..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Discussion and analysis of management

What types of information must be disclosed in the management discussion and analysis? Explain.

  Prepare the journal entry to record the issuance

On January 1, 2010, Lauren Corporation issued $40,000, 9%, ten-year bonds payable at 108. Interest is payable each December 31.

  Journal entry to distribute rozow''s total earnings

M. Rozow of Covington Manufacturing Co. is paid at the rate of $20 an hour for an 8 hour day with time and a half for over time and double time for Sundays and holidays.

  Computing land and building cost

On February 10, 2013, Rims Corporation purchased a parcel of land as a factory site for $250,000. An old building on the property was demolished, and construction began on a new building which was completed on September 30, 2013. Salvaged material..

  Accounts receivable and cash sales

Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with remaining 40% collected in the following month. What is the total cash collected (both from accounts receivable and for cash sales) in the month of January?

  Description of reorder point

If standard deviation is 10 units per week, lead time is 2 weeks, demand is 50 per week, lot size is lot - for - lot, and desired service level is 97.72%, what is the statistical reorder point?

  Value of the future cash flow

A company anticipates a taxable cash expense of $50,000 in year 2 of a project. The company's tax rate is 30% and its discount rate is 14%. The present value of this future cash flow is closest to ??

  Describe why accounting rules differ from country to country

Review the convergence of United States Generally Accepted Accounting Principles and International Financial Reporting Standards.

  What is ems break-even sales volume

EM Sales had $2,200,000 in sales last month. The contribution margin ratio was 30% and operating profits were $180,000. What is EM's break-even sales volume? $660,000 $1,540,000 $1,600,000 $2,020,000.

  Deferred tax assets

Describe how deferred tax assets relating to accruals arise and explain how deferred tax assets relating to loss carryforwards arise

  Various approaches to setting transfer prices

What are the main approaches for setting transfer prices? How can the problems that these approaches create be reconciled between the selling and buying divisions?

  Financial statement analysis

ACCT212 Project 2: Financial Statement Analysis-YUM! Brands, Inc.  Description: Using the financial statements for YUM! Brands, Inc. located in Appendix A of your Textbook, you will calculate Vertical and Horizontal Analysis and the Financial Ratios ..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd