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What cash payments for income tax reported on cash flow

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Problem 1: Operating expenses other than depreciation for the year were $400,000. Prepaid expenses increased by $17,000 and accrued expenses decreased by $30,000 during the year. Cash payments for operating expenses to be reported on the cash flow statement using the direct method would be

a. $353,000

b. $383,000

c. $413,000

d. $447,000

Problem 2: Income tax was $400,000 for the year. Income tax payable was $30,000 and $40,000 at the beginning and end of the year. Cash payments for income tax reported on the cash flow statement using the direct method is

a. $390,000

b. $400,000

c. $430,000

d. $440,000

Reference no: EM132807022

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