3. Identify the primary term described by each event below: gross income, deprec

Question

3. Identify the primary term described by each event below: gross income, depreciation, operating expense, taxable income, income tax, or net operating profit after taxes. a) A new machine had a first-year write-off of $10,500. b) A public corporation estimates that it will report a $?750,000 net profit on its annual income statement. c) An asset with a book value of $8000 was retired and sold for $8450. d) An over-the-counter software system will generate $420,000 in revenue this quarter. e) An asset with a MACRS recovery period of 7 years has been owned for 10 years. It was just sold for $2750. f) The cost of goods sold in the past year was $3,680,200. g) A convenience store collected $33,550 in lottery ticket sales last month. Based on winners holding these tickets, a rebate of $350 was sent to the manager. h) An asset with a first cost of $65,000 was utilized on a new product line to increase sales by $150,000. i) The cost to maintain equipment during the past year was $641,000 3. Identify the primary term described by each event below: gross income, depreciation, operating expense, taxable income, income tax, or net operating profit after taxes. a) A new machine had a first-year write-off of $10,500. b) A public corporation estimates that it will report a $?750,000 net profit on its annual income statement. c) An asset with a book value of $8000 was retired and sold for $8450. d) An over-the-counter software system will generate $420,000 in revenue this quarter. e) An asset with a MACRS recovery period of 7 years has been owned for 10 years. It was just sold for $2750. f) The cost of goods sold in the past year was $3,680,200. g) A convenience store collected $33,550 in lottery ticket sales last month. Based on winners holding these tickets, a rebate of $350 was sent to the manager. h) An asset with a first cost of $65,000 was utilized on a new product line to increase sales by $150,000. i) The cost to maintain equipment during the past year was $641,000 3. Identify the primary term described by each event below: gross income, depreciation, operating expense, taxable income, income tax, or net operating profit after taxes. a) A new machine had a first-year write-off of $10,500. b) A public corporation estimates that it will report a $?750,000 net profit on its annual income statement. c) An asset with a book value of $8000 was retired and sold for $8450. d) An over-the-counter software system will generate $420,000 in revenue this quarter. e) An asset with a MACRS recovery period of 7 years has been owned for 10 years. It was just sold for $2750. f) The cost of goods sold in the past year was $3,680,200. g) A convenience store collected $33,550 in lottery ticket sales last month. Based on winners holding these tickets, a rebate of $350 was sent to the manager. h) An asset with a first cost of $65,000 was utilized on a new product line to increase sales by $150,000. i) The cost to maintain equipment during the past year was $641,000

Explanation / Answer

a)     A new machine had a first-year write-off of $10,500. Depreciation b)    A public corporation estimates that it will report a $?750,000 net profit on its annual income statement. Net operating profit after taxes c)     An asset with a book value of $8000 was retired and sold for $8450. Taxable Income d)    An over-the-counter software system will generate $420,000 in revenue this quarter. Gross Income e)     An asset with a MACRS recovery period of 7 years has been owned for 10 years. It was just sold for $2750. Taxable Income f)      The cost of goods sold in the past year was $3,680,200. Operating expense g)     A convenience store collected $33,550 in lottery ticket sales last month. Based on winners holding these tickets, a rebate of $350 was sent to the manager. Taxable Income h)    An asset with a first cost of $65,000 was utilized on a new product line to increase sales by $150,000. Gross Income i)       The cost to maintain equipment during the past year was $641,000 Operating expense

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