A.M.I. Corporation reported income taxes of $362,884,000 on its 2022 income statement. Its balance sheet reported income taxes payable of $279,289,000 at December 31, 2021, and $518,663,000 at December 31, 2022. What amount of cash payments were made for income taxes during 2022? Cash payment for income taxes = ?
A.M.I. Corporation reported income taxes of $362,884,000 on its 2022 income statement. Its balance sheet reported income taxes payable of $279,289,000 at December 31, 2021, and $518,663,000 at December 31, 2022. What amount of cash payments were made for income taxes during 2022? Cash payment for income taxes = ?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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A.M.I. Corporation reported income taxes of $362,884,000 on its 2022 income statement. Its
What amount of cash payments were made for income taxes during 2022?
Cash payment for income taxes = ?
I tried 2022 Income Statement + 2021 Balance Sheet - 2022 Balance sheet. What is the correct formula to calculate?
Expert Solution
Step 1
Cash payment for income taxes = Income taxes payable at December 31, 2021 + income taxes expense for the year - Income taxes payable at December 31, 2022
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