Correct calculation of cash paid for income taxes Use the following information to calculate cash paid forincome taxes:Income tax expense$43,000Income tax payable, January 19,100Income tax payable, December 31 10,200a) $23,700b) $52,100c) $53,200d) $41,900e) $43,000

Step 1: Identify the formulaThe formula to calculate cash paid for income taxes is:Cash Paid for…

Answered: Use the following information to…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 2EA: Consider the following accounts and determine if the account is a current liability, a noncurrent...

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Consider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. A. cash B. federal income tax payable this year C. long-term note payable D. current portion of a long-term note payable E. note payable due in four years F. interest expense G. state income tax
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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
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
Reported income taxes on its recently ended year (2021), income statement. Its balance sheet reported an amount of income taxes payable at end of the previous year (2020), and a greater amount (Increase) for the recently ended year (2021)How do you calculate what amount of cash payments were made for income taxes during the recently ended year (2021)?
9 - 391- The balance of the calculated VAT account is 5,000 TL, 191 The balance of the deductible VAT account is also3 750 T, 190-The balance of the transferred VAT account is 1000 TL. Which account is the difference and how?saved? A) 360-To the receivable of the tax and funds account payable B) 190- To the debt of the transferred VAT accountC) 360-To the debt of the tax and funds payable account D) 190- To the receivable of the VAT account of the transferredE) None
Sneed Corporation reported balances in the following accounts for the current year: Income taxes payable Deferred tax liability Income tax expense was $232 for the year. What was the amount paid for taxes? Beginning $ 53 84 $188. $212. $285. ○ $199. Ending $ 33 148
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
Question text The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes.
3. Consider the following accounts and determine if the account is a current liability, a long-term liability, or neither. a. cash b. federal income tax payable this year c. long-term note payable d. current portion of a long-term note payable e. note payable due in four years f. interest expense g. state income tax
H1. Account
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

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Use the following information to calculate cash paid for income taxes: Income tax expense $43,000 Income tax payable, January 1 9,100 Income tax payable, December 31 10,200 a) $23,700 b) $52,100 c) $53,200 d) $41,900 e) $43,000