Amount of cash payments for income tax

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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

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