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Use the following information to calculate cash paid for income
taxes:
| Income Tax Expense | $ | 62,000 |
| Income Tax Payable, January 1 | 14,800 | |
| Income Tax Payable, December 31 | 17,800 | |
Multiple Choice
-
$76,800.
-
$62,000.
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$79,800.
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$59,000.
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$29,400.
Homework Answers
Cash paid for income taxes
="Beginning income tax payable + Income tax expense - Ending income tax payable
=62,000+14,800-17,800
= 59,000
Option D
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