Need correct answer general Accounting A corporation's Income Tax Payable account decreased from $18million to $15 million during 2024. If its income tax expense was $85million for the year, what amount should be shown as cash paid forincome taxes under the direct method?A) $88 millionB) $85 millionC) $82 millionD) $15 million

Step 1: Define Cash Paid for Income Taxes (Direct Method)Under the direct method, cash paid for…

Answered: A corporation's Income Tax Payable…

Financial Management: Theory & Practice

16th Edition

ISBN:9781337909730

Author:Brigham

Publisher:Brigham

Chapter2: Financial Statements, Cash Flow,and Taxes

Section: Chapter Questions

Problem 18P: Rhodes Corporations financial statements are shown after part f. Suppose the federal-plus-state tax...

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In the year 2018, a corporation made $20.4 Million in revenue, $2.42 Million of operating expenses, and depreciation expenses of $7.37 Million. The state income tax rate is 1010% and the federal income tax rate is 21%. How much (a) state income tax, and (b) federal income tax will this corporation pay in this tax year? Assume that the state income tax is a tax-deductable expence when filing federal income tax. The approximate state income tax rate is $ The approximate federal tax is $ The combined effective income tax rate is The ATCF for the year 2018 is $ Million (Round to three decimal places.) _Million. (Round to three decimal places.) (Round to the nearest decimal.) Million (Round to three decimal places.)
What is the income tax expense for 2022?
What is the income tax expense for 2022?
Consider the following data for 2021 from an after tax cash flow analysis. What is the taxable income for 2021? Before-Tax-and-Loan = $23,000 Loan Principal Payment = $3,203 Loan Interest Payment = $3,877 Depreciation Deduction = $12,490 Taxes Due = $1,658. After-Tax Cash Flow = $14,262. a. $40,000 b. $35,540 c. $6,633 d. $28,460.
In 2024 , AutoUSA Inc. received $ 4,600,000 of book income , including $ 20,000 of interest income from tax - exempt bonds . AutoUSA reported $ 3,600,000 of regular business expenses . If it made $ 210,000 of estimated tax payments ( prepayments ) throughout the tax year , what is its tax due or tax refund when it files its return ?
Consider the following data for 2021 from an after-tax cash flow analysis. Before-Tax-and-Loan Cash Flow = $23,690 Loan Principal Payment = $3,299 Loan Interest Payment = $3,993 Depreciation Deduction = $12,865 Taxes Due = $2,323 After-Tax Cash Flow = $14,075 What is the taxable income for 2021? O $3,533 O $10,817 O $6,832 $16,398
During 2020 Miller Inc. reported $10,000 of Income Tax Expense. During the year the balance in Income Tax Payable increased by $3,000 and the balance in Deferred Tax Liability increased by $2,000. What amount of cash was paid for taxes during 2020?
100 Willobee Co. reported book income of $21,399,000 for 2023. This number included $1,284,000 of income from exempt municipal bonds. For tax purposes, the company reported $4,622,000 less in depreciation than that reported for GAAP purposes. The company also made tax payments of $3,210,000 during the year. If Willobee Co.'s 2023 tax rate was 30%, what will they report as deferred taxes on their 2023 balance sheet? ( 3) $1,386,600 deferred tax liability $1,771,800 deferred tax liability O $1,771,800 deferred tax asset $1,386,600 deferred tax asset
Consider the following data for 2019 from an after tax cash flow analysis.What is the after tax cash flow for 2019? Before-Tax-and-Loan = $23,000Loan Principal Payment = $3,203 Loan Interest Payment = $3,878. Depreciation Deduction = $12,490 Taxable Income = $6,633 Taxes Due = $1,658. a. $20,744 b. $14,262 c. $3,430 d. $1,175.
In the year 2021, a corporation made $20.4 Million in revenue, $2.1 Million of operating expenses, and depreciation expenses of $6.4 Million. The state income tax rate is 12% and the federal income tax rate is 21%. How much (a) state income tax, and (b) federal income tax will this corporation pay in this tax year? Assume that the state income tax is a tax-deductable expence when filing federal income tax. The approximate state income tax is $ Million (Round to three decimal places.) The approximate federal tax is $ Million. (Round to three decimal places.) The combined effective income tax rate is%. (Round to the nearest decimal.) The ATCF for the year 2021 is $ Million. (Round to three decimal places.)
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In year k, the before-tax cash flow of a corporation is $513,422. During year k, the expense is $112,274. The depreciation is $5,003. The effective income tax rate is 24%. What is the ATCF for this year?

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A corporation's Income Tax Payable account decreased from $18 million to $15 million during 2024. If its income tax expense was $85 million for the year, what amount should be shown as cash paid for income taxes under the direct method? A) $88 million B) $85 million C) $82 million D) $15 million