For the events described below, select the taxrelated term from the following list that best applies: gross income, depreciation, operating expense, taxable income, income tax, or net operating profit after taxes. (a) A corporation reports that it had a negative $1,750,000 net profit on its annual income statement. (b) An asset with a current book value of $120,000 was utilized on a new processing line to increase sales by $200,000 this year. (c) A machine has an annual write-off of $21,000. (d ) The cost to maintain quality assurance equipment during the past year was $75,000. (e) A supermarket collected $24,000 in lottery ticket sales last year. Based on the winnings paid to individuals holding these tickets, a rebate of $250 was sent to the store manager. ( f ) An asset with a book value of $8000 was retired and sold for $8450. (g) The cost of goods sold in the past year was $3,680,200. (h) An over-the-counter software system will generate $420,000 in revenue this quarter
For the events described below, select the taxrelated
term from the following list that best applies:
gross income,
taxable income, income
after
(a) A corporation reports that it had a negative
$1,750,000 net profit on its annual income
statement.
(b) An asset with a current book value of
$120,000 was utilized on a new processing
line to increase sales by $200,000 this year.
(c) A machine has an annual write-off of
$21,000.
(d ) The cost to maintain quality assurance
equipment during the past year was $75,000.
(e) A supermarket collected $24,000 in lottery
ticket sales last year. Based on the winnings
paid to individuals holding these tickets, a
rebate of $250 was sent to the store manager.
( f ) An asset with a book value of $8000 was
retired and sold for $8450.
(g) The cost of goods sold in the past year was
$3,680,200.
(h) An over-the-counter software system will
generate $420,000 in revenue this quarter
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