Homework Answers
Determination of cash paid for income taxes –
Income tax payable, Jan 1 $9,000
Add: income tax expense $50,000
Total tax liability $59,000
Less: income tax payable, December 31 $7,000
Cash paid for income taxes = $52,000
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Use the following information to calculate cash paid for income taxes: Income tax expense Income tax...
Use the following information to calculate cash paid for wages and salaries: Salaries expense Salaries payable,...
Use the following information to calculate cash paid for wages and salaries: Salaries expense Salaries payable, January 1 Salaries payable, December 31 $169,000 6,500 10,800 Multiple Choice 0 $175,500 0 $158.200 0 $169,000 0 O $173,300 0 $164,700
Determine the Cash Paid for Taxes during the year using the following information. Tax Expense $100,000...
Determine the Cash Paid for Taxes during the year using the following information. Tax Expense $100,000 for the year Tax Payable at the beginning of the year $73,000 Tax Payable at the end of the year $19,000
Use the following information to calculate cash paid for wages and salaries: Salaries expense: $167,938 Salary...
Use the following information to calculate cash paid for wages and salaries: Salaries expense: $167,938 Salary Payable Jan. 1st: 7,000 Salary Payable Jan 31st: 11,800
Cash payments for income taxes during the year ended December 31, 2019 were $172,000. Income taxes...
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?
4 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...
how do you calculate Income Tax Expense, i need help finding the answer to No. 5...
how do you calculate Income Tax Expense, i need help finding
the answer to No. 5
3. Prepare the adjusting journal entries that are required at December 31, 2018. (If no entry is required for a transaction/event, s "No Journal Entry Required" In the first account fleld.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 a 3.800 Supplies Expense Supplies 3.800 2. b 10.000 Rent Expense Prepaid Rent 10.000 3 11.200 Utilities Expense Accounts...
I'm having an extremely hard time understanding income tax expense and income tax payable. Wouldn't you...
I'm having an extremely hard time
understanding income tax expense and income tax payable. Wouldn't
you multiply net income by the tax rate percentage? I'm sure I'm
missing a step somewhere. Can I get a step-by-step explanation on
how to get the correct amount for income tax expense and income tax
payable, please?
Check my work Required information [The following information applies to the questions displayed below.] Part 1 of 4 Val's Hair Emporium operates a hair salon. Its unadjusted...
need the income tax expense and income tax payable. Credit Account Names Cash Supplies Deferred Revenue...
need
the income tax expense and income tax payable.
Credit Account Names Cash Supplies Deferred Revenue Debit $31,600 540 $ 3,170 Salaries and Wages payable @ Income Tax Payable Interest Payable Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Further Information As reported on December 31 bank statement. Based on count, only $170 of supplies still exist. Of this amount, $2,700 was received for December lessons and $470 for January lessons. Employees were paid $2,300 for 10 days of...
Nitrogen Inc had the following events occur in 2017. Calculate the cash receipts or cash disbursements...
Nitrogen Inc had the following events occur in 2017. Calculate the cash receipts or cash disbursements for each event. a. Taxes Payable on January 1 was $12,400 and on December 31 was $13,600. Income Tax Expense on the income statement was reported at $39,000. b. Cost of goods sold on the income statement was reported at $50,000. Accounts Payable increased $5,000 and Inventory decreased $7,000. c. Sales were reported on the income statement at $100,000. Accounts Receivable increased $5,700. d.Interest...
Nitrogen Inc. had the following events occur in 2017. Calculate the cash receipts or cash disbursements...
Nitrogen Inc. had the following events occur in 2017. Calculate the cash receipts or cash disbursements for each event. a. Taxes Payable on January 1 was $12,400 and on December 31 was $13,600. Income Tax Expense on the income statement was reported at $39,000. b. Cost of goods sold on the income statement was reported at $50,000. Accounts Payable increased $5,000 and Inventory decreased $7,000. c. Sales were reported on the income statement at $100,000. Accounts Receivable increased $5,700. d....
Nitrogen Inc. had the following events occur in 2017. Calculate the cash receipts or cash disbursements...
Nitrogen Inc. had the following events occur in 2017. Calculate the cash receipts or cash disbursements for each event. a. Taxes Payable on January 1 was $12,400 and on December 31 was $13,600. Income Tax Expense on the income statement was reported at $39,000. b. Cost of goods sold on the income statement was reported at $50,000. Accounts Payable increased $5,000 and Inventory decreased $7,000. c. Sales were reported on the income statement at $100,000. Accounts Receivable increased $5,700. d....
Use the following information to calculate cash paid for wages and salaries: Salaries expense Salaries payable, January 1 Salaries payable, December 31 $169,000 6,500 10,800 Multiple Choice 0 $175,500 0 $158.200 0 $169,000 0 O $173,300 0 $164,700
Use the following information to calculate cash paid for wages and salaries: Salaries expense: $167,938 Salary Payable Jan. 1st: 7,000 Salary Payable Jan 31st: 11,800
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?
4 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...
how do you calculate Income Tax Expense, i need help finding
the answer to No. 5
3. Prepare the adjusting journal entries that are required at December 31, 2018. (If no entry is required for a transaction/event, s "No Journal Entry Required" In the first account fleld.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 a 3.800 Supplies Expense Supplies 3.800 2. b 10.000 Rent Expense Prepaid Rent 10.000 3 11.200 Utilities Expense Accounts...
I'm having an extremely hard time
understanding income tax expense and income tax payable. Wouldn't
you multiply net income by the tax rate percentage? I'm sure I'm
missing a step somewhere. Can I get a step-by-step explanation on
how to get the correct amount for income tax expense and income tax
payable, please?
Check my work Required information [The following information applies to the questions displayed below.] Part 1 of 4 Val's Hair Emporium operates a hair salon. Its unadjusted...
need
the income tax expense and income tax payable.
Credit Account Names Cash Supplies Deferred Revenue Debit $31,600 540 $ 3,170 Salaries and Wages payable @ Income Tax Payable Interest Payable Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Further Information As reported on December 31 bank statement. Based on count, only $170 of supplies still exist. Of this amount, $2,700 was received for December lessons and $470 for January lessons. Employees were paid $2,300 for 10 days of...
Nitrogen Inc had the following events occur in 2017. Calculate the cash receipts or cash disbursements for each event. a. Taxes Payable on January 1 was $12,400 and on December 31 was $13,600. Income Tax Expense on the income statement was reported at $39,000. b. Cost of goods sold on the income statement was reported at $50,000. Accounts Payable increased $5,000 and Inventory decreased $7,000. c. Sales were reported on the income statement at $100,000. Accounts Receivable increased $5,700. d.Interest...
Nitrogen Inc. had the following events occur in 2017. Calculate the cash receipts or cash disbursements for each event. a. Taxes Payable on January 1 was $12,400 and on December 31 was $13,600. Income Tax Expense on the income statement was reported at $39,000. b. Cost of goods sold on the income statement was reported at $50,000. Accounts Payable increased $5,000 and Inventory decreased $7,000. c. Sales were reported on the income statement at $100,000. Accounts Receivable increased $5,700. d....
Nitrogen Inc. had the following events occur in 2017. Calculate the cash receipts or cash disbursements for each event. a. Taxes Payable on January 1 was $12,400 and on December 31 was $13,600. Income Tax Expense on the income statement was reported at $39,000. b. Cost of goods sold on the income statement was reported at $50,000. Accounts Payable increased $5,000 and Inventory decreased $7,000. c. Sales were reported on the income statement at $100,000. Accounts Receivable increased $5,700. d....
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