Cash payments for income taxes during the year ended December 31, 2019 were $172,000. Income taxes payable decreased from $61,000 on January 1, 2019 to $44,000 on December 31, 2019. How much was income tax expense for the year ended December 31, 2019?
Homework Answers
Income tax expense for the year ended December 31, 2019 = Income tax paid + income tax payable at end - beginning balance of income tax payable
= $172000+44000-61000
= $155000
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