A company's Income Tax Payable account decreased from $19 million to $17 million during the year. If its Income tax expense was $92 million, what would be shown as cash pald for Income taxes under the direct method?16Multiple ChoiceeBookA cash outflow of $94 million.A cash outflow of $17 million.A cash outflow of $92 million.A cash outflow of $90 million. A company purchases its Inventory from suppliers on account. During the year, Its inventory account increased by $20 million and Its accounts payable to suppliers decreased by $7 million. If cost of goods sold was $470 million, Its cash outflows to invetory supplers15totaledMultiple Choiceelook$443 million$483 million.$497 million.O O

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A company's Income Tax Payable account decreased from $19 million to $17 million during the year. If its income tax expense was $92 million, what would be shown as cash pald for Income taxes under the direct method? 16 Multiple Choice eBook A cash outflow of $94 million. A cash outflow of $17 million. A cash outflow of $92 million. A cash outflow of $90 million.

A company's Income Tax Payable account decreased from $19 million to $17 million during the year. If its income tax expense was $92 million, what would be shown as cash pald for Income taxes under the direct method? 16 Multiple Choice eBook A cash outflow of $94 million. A cash outflow of $17 million. A cash outflow of $92 million. A cash outflow of $90 million.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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