Amount of cash payments for income tax

Reference no: EM13126516

The cash flows from operating activities are reported by the direct method on the statement of cash flows. Determine the following:

a. If sales for the current year were $685,000 and accounts receivable decreased by $43,500 during the year, what was the amount of cash received from customers?

b. If income tax expense for the current year was $46,000 and income tax payable decreased by $5,200 during the year, what was the amount of cash payments for income tax?

Reference no: EM13126516

Questions Cloud

Explain how tickets in the box show positive numbers : Someone tells you that 50% of the tickets in the box show positive numbers. Do you believe it? Answer yes or no, and explain.

What is the risk for this class : With managing cash we don't want to give one person control over enough functions in the business where they have the ability to take cash and also cover up the fact that they took it.

Compute percent that reacted to form : Compute percent C16H34 that reacted to form CO(g) in the process. If experiment carried out at constant V, how much heat would have been released?

What volume of solution was used : A bottle containing 335 of cleaning solution is used for carpets. If the cleaning solution has a specific gravity of 0.850, what volume of solution was used?

Amount of cash payments for income tax : If income tax expense for the current year was $46,000 and income tax payable decreased by $5,200 during the year, what was the amount of cash payments for income tax?

Compute the total dollar amount of discount or premium : Compute the total dollar amount of discount or premium amortization during the first year these bonds were outstanding.

What where the total balances after adding and subtracting : what where the total balances after adding and subtracting the adjustments giving you the adjusted trial balance totals for the month of may? for the generals favorite fishing hole comprehensive promblem.

Commutative rings and nilpotents : Let R be a commutative ring. Recall that an element x in R is nilpotent if x^n=0 for some positive integer n. Prove that the set of nilpotent elements form an ideal.

How many grams of sucrose c12h22o11 must be added : how many grams of sucrose C12H22O11 must be added to 522g of water to give a solution a vapor pressure 2.0mmHg less than that of pure water at 20 degrees celsius

User Account

All Pages