General Accounting Question Use the following information to calculate cash paid for incometaxes for Galaxy Innovations Ltd.:DescriptionIncome Tax ExpenseIncome Tax Payable, Jan 1Amount ($)$65,000$15,200Income Tax Payable, Dec 31 $11,900

Step 1: Define Cash Paid for Income TaxesCash paid for income taxes is determined by adjusting…

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Financial Accounting Intro Concepts Meth/Uses

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Chapter6: Statement Of Cash Flows

Section: Chapter Questions

Problem 20E

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General Accounting
Use the following information to calculate cash paid for income taxes... Please answer the general accounting question
Consider the following data extracted from an after-tax cash flow calculation. Before-Tax-and-Loan = $22,500 Loan Principal Payment = $5,926 Loan Interest Payment = $2,400 MACRS Depreciation Deduction = $16,665 Which of the following is closest to the Taxable Income? a. −$2,491. b. −$91. c. $3,435. d. $14,174
Accounting
Correct calculation of cash paid for income taxes
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After-Tax Cash FlowsFor each of the following independent situations, compute the net after-tax cash flow amount by subtracting cash outlays for operating expenses and income taxes from cash revenue. The cash outlay for income taxes is determined by applying the income tax rate to the cash revenue received less the cash and noncash (depreciation) expenses. A B C Cash revenue received $92,000 $452,000 $222,000 Cash operating expenses paid 56,000 317,000 147,000 Depreciation on tax return 14,000 32,000 22,000 Income tax rate 40% 30% 20% Do not use negative signs with any of your answers below. A B C Cash revenue Answer Answer Answer Cash outlays: Operating expenses Answer Answer Answer Income taxes Answer Answer Answer Total cash outlays Answer Answer Answer Net after-tax cash flow Answer Answer Answer
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Use the following information to calculate cash paid for income taxes: Income tax expense $65,000 Income tax payable, January 1 9,700 Income tax payable, December 31 11,000
After-Tax Cash Flows Using the data that is shown below - (a) calculate the individual after-tax cash flow effect of each relevant item in each independent situation, and (b) sum the individual after-tax cash flows in each situation to determine the overall net after-tax cash flow. A B C Cash revenue received 66,000 315,000 165,000 Cash operating expenses paid 38,400 231,000 99,000 Depreciation on tax return 8,400 19,200 15,000 Income tax rate 30% 25% 20% Do not use negative signs with any of your answers below. A B C (a) Cash revenue Answer Answer Answer Cash operating expenses Answer Answer Answer Depreciation expense Answer Answer Answer (b) Net after-tax cash flow Answer Answer Answer
Please answer question 16-18 based on the following information from Owl Inc. Income Statement Sales COGS SGA Depreciation EBIT Interest E BT Taxes (35%) Net income Dividend payout a. b. Cash Accounts receivable Inventory Current assets Net fixed assets Total assets Net fixed assets Balance Sheet as of December 31, 2019 22,228 Accounts payable 19,450 Cash Accounts receivable Inventory Current assets 25,495 67,173 Less than $50,000 Between $65,000 and $75,000 C. Between $75,000 and $85,000 d. Between $85,000 and $100,000 205,000 272,173 Total assets 310,029 16. How much is the operating cash flow in 2020? 2019 2020 277,855 333,426 141,641 175,049 27,786 38,344 38,900 46,680 69,528 73,353 4,356 68,997 24,149 44,848 35% 221,671 4,275 65,253 22,839 42,414 50% Balance Sheet as of December 31, 2020 26,674 Accounts payable 26,674 Notes payable 35,010 Current liabilities 88,358 Notes payable Current liabilities Long-term debt Owner's equity Total liab & equity Long-term debt Owner's equity…

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Use the following information to calculate cash paid for income taxes for Galaxy Innovations Ltd.: Description Income Tax Expense Income Tax Payable, Jan 1 Amount ($) $65,000 $15,200 Income Tax Payable, Dec 31 $11,900