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A company paid $250 million in income taxes during the year. The income taxes payable account showed a balance of $80 million at the beginning of the year and $45 million at the end of the year. Assuming no deferred taxes, what was the income tax expense reported on the income statement?

A company paid $250 million in income taxes during the year. The income taxes payable account showed a balance of $80 million at the beginning of the year and $45 million at the end of the year. Assuming no deferred taxes, what was the income tax expense reported on the income statement?

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter21: The Statement Of Cash Flows
Section: Chapter Questions
Problem 16GI: Indicate how a company computes the amount of interest and income taxes that it paid during the...
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What was the income tax expenses reported on the income statement? General Accounting question

A company paid $250 million in income taxes during the year. The income taxes payable account showed a balance of $80 million at the beginning of the year and $45 million at the end of the year. Assuming no deferred taxes, what was the income tax expense reported on the income statement?
Transcribed Image Text:A company paid $250 million in income taxes during the year. The income taxes payable account showed a balance of $80 million at the beginning of the year and $45 million at the end of the year. Assuming no deferred taxes, what was the income tax expense reported on the income statement?
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