| Question |
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 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. |
