Identify the basic solution 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.
Identify the basic solution described by each event below: gross income,
after
(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.
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