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

Step 1: Define Cash Paid for Income TaxesCash paid for income taxes represents the actual cash…

Answered: Use the following information to…

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: Income tax expense $55,000 Income tax payable, January 1 9,700 Income tax payable, December 31 11,000
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
solve this one please
Determine the amount of cash paid for income taxes in each of the nine independent situations below. All dollars are in millions. Note: Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). Deferred Tax Liability Increase (Decrease) Cash Paid for Taxes Situation Income Tax Expense Income Tax Payable Increase (Decrease) 1 19 0 2 19 1.8 3 19 (1.8) 4 19 0 0 0 2.9 5 19 0 (2.9) 6 19 1.8 2.9 7 19 1.8 (2.9) 00 8 19 (1.8) 9 19 (1.8) (2.9) 2.9
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
Determine the amount of cash paid for income taxes in each of the nine independent situations below. All dollars are in millions. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Situation Income Tax Expense Income Tax Payable Increase (Decrease) Deferred Tax Liability Increase (Decrease) Cash Paid for Taxes 1 20 0 0 2 20 1.9 0 3 20 (1.9) 0 4 20 0 3.0 5 20 0 (3.0) 6 20 1.9 3.0 7 20 1.9 (3.0) 8 20 (1.9) (3.0) 9 20 (1.9) 3.0
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 = ? I tried 2022 Income Statement + 2021 Balance Sheet - 2022 Balance sheet. What is the correct formula to calculate?
Computer World reports income tax expense of $230,000. Income taxes payable at the beginning and end of the year are $54,500 and $64,000, respectively.What is the cash paid for income taxes during the year?
Computer World reports income tax expense of $340,000. Income taxes payable at the beginning and end of the year are $60,000 and $75,000, respectively. What is the cash paid for income taxes during the year?
Use the following information for Taco Swell, Incorporated, (assume the tax rate is 22 percent): Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 2020 $ 23,549 2,516 6,390 1,441 1,180 8,746 11,628 1,814 29,480 73,091 6,353 20,662 2,679 Cash flow from assets Cash flow to creditors Cash flow to stockholders 2021 $ 19,188 2,624 6,871 1,248 1,395 9,667 13,902 1,781 35,579 78,030 7,060 22,002 2,454 For 2021, calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
Sneed Corporation reported balances in the following accounts for the current year: Income taxes payable $ 50 $ 30 Deferred tax liability 80 140 Income tax expense was $230 for the year. What was the amount paid for taxes? $220. $280. $190. $210.
The following information (in $ millions) comes from the Annual Report of Saratoga Springs Co. for the year ending 12/31/2021: Year ended 12/31/2021 Net sales $7,949 Cost of goods sold 4,767 Selling and administrative expense 1,909 Interest expense 416 Income before tax 857 Net income 458 12/31/2021 12/31/2020 Cash and cash equivalents $ 975 $ 64 Receivables, net 1,010 664 Inventories 1,055 519 Land, buildings and equipment at cost, net 13,500 3,844 Total assets $ 16,540 $ 5,091 Total current liabilities $ 5,747 $ 2,209 Long-term debt 5,591 2,221 Total liabilities $ 11,338 $ 4,430 Total stockholders' equity $ 5,202 $ 661 Required:Compute the return on assets for 2021. (Round your answer to 1 decimal place.)

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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