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Use the following information to calculate cash paid for income taxes for Orion Systems Inc.: Description Amount ($) Income Tax Expense $58,000 Income Tax Payable, Jan 1 $12,500 Income Tax Payable, Dec 31 $14,800 Calculate the cash paid for income taxes. a) $55,700 b) $60,300 c) $59,300 d) $61,300

Use the following information to calculate cash paid for income taxes for Orion Systems Inc.: Description Amount ($) Income Tax Expense $58,000 Income Tax Payable, Jan 1 $12,500 Income Tax Payable, Dec 31 $14,800 Calculate the cash paid for income taxes. a) $55,700 b) $60,300 c) $59,300 d) $61,300

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 32BEB
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Use the following information to calculate cash paid for income taxes for Orion Systems Inc.: Description Amount ($) Income Tax Expense $58,000 Income Tax Payable, Jan 1 $12,500 Income Tax Payable, Dec 31 $14,800 Calculate the cash paid for income taxes. a) $55,700 b) $60,300 c) $59,300 d) $61,300
Transcribed Image Text:Use the following information to calculate cash paid for income taxes for Orion Systems Inc.: Description Amount ($) Income Tax Expense $58,000 Income Tax Payable, Jan 1 $12,500 Income Tax Payable, Dec 31 $14,800 Calculate the cash paid for income taxes. a) $55,700 b) $60,300 c) $59,300 d) $61,300
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