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FINANCIAL ACCOUNTING
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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Benton Pty Ltd's income statement shows income tax expense of $70,000. The statement of financial position reveals that income tax payable at the start of the year was $68,000 and at the end of the year is $70,000. What was Benton's cash payment for income taxes during the year? O a. $70,000. O b. $68,000. O c. $66,000. O d. $72,000.
Transcribed Image Text:Benton Pty Ltd's income statement shows income tax expense of $70,000. The statement of financial position reveals that income tax payable at the start of the year was $68,000 and at the end of the year is $70,000. What was Benton's cash payment for income taxes during the year? O a. $70,000. O b. $68,000. O c. $66,000. O d. $72,000.
A company had a profit of P230,000. Depreciation expense is P26,000. During the year, Accounts Receivable and Inventory increased P15,000 and P40,000, respectively. Prepaid Expenses and Accounts Payable decreased P2,000 and P4,000, respectively. There was also a loss on the sale of equipment of P3,000. How much cash was provided by operating activities? O a.P196,000. O b. P202,000. OC. P276,000. Od. P288,000.
Transcribed Image Text:A company had a profit of P230,000. Depreciation expense is P26,000. During the year, Accounts Receivable and Inventory increased P15,000 and P40,000, respectively. Prepaid Expenses and Accounts Payable decreased P2,000 and P4,000, respectively. There was also a loss on the sale of equipment of P3,000. How much cash was provided by operating activities? O a.P196,000. O b. P202,000. OC. P276,000. Od. P288,000.
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