What was the amount of cash payments for income tax

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Reference no: EM13823126

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 $475,000 and accounts receivable increased by $39,000 during the year, what was the amount of cash received from customers?

b. If income tax for the current year was $39,000 and income tax payable decreased by $11,000 during the year, what was the amount of cash payments for income tax?

Reference no: EM13823126

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