Assume that Income Tax Expense was $250,000, and that Income Taxes payable decreased by $14,000 and...

Assume that Income Tax Expense was $250,000, and that Income Taxes payable decreased by $14,000 and Deferred Tax Liability increased by $29,000. What amount of cash was paid for Income Taxes?

Expert Solution


Income tax expenses				250000
Less: increase in deferred tax liability				-29000
Add: Decrease in Tax payable				14000

Taxes paid				235000

Answer is $ 235000

ekkarill92 answered 2 years ago

What is the difference between an income tax expense and an income tax payable, demonstrating an...

What is the difference between an income tax expense and an income tax payable, demonstrating an understanding of the difference between GAAP and tax reporting. Identify are three temporary differences and discuss how the deferred tax asset or deferred tax liability is recorded and consumed. Identify three permanent differences and examine the reporting of permanent differences.

KRJ Corporation reported (in $ millions) tax expense of $950 for the year. Taxes payable at...

KRJ Corporation reported (in $ millions) tax expense of $950 for the year. Taxes payable at the beginning of the year was $150 and at the end of the year it was $153. Deferred taxes at the beginning of the year was $114 and at the end of the year it was $123. The company also reported deferred tax assets at the beginning of the year of $87 and at the end of the year it was $74. How much...

If bond interest expense is $280,000, bond interest payable decreased by $8,000 and bond discount decreased...

If bond interest expense is $280,000, bond interest payable decreased by $8,000 and bond discount decreased by $1,000, cash paid for bond interest is: a) $273,000 b) $287,000 c) $271,000 d) $280,000

Tax Drill - Deferred Tax Asset Ion Corporation has income tax expense/payable for book purposes of...

Tax Drill - Deferred Tax Asset Ion Corporation has income tax expense/payable for book purposes of $200,000 and $250,000 for tax purposes. Assume that Ion will only be able to use $30,000 of any deferred tax asset with the balance expiring. As a result, Ion will record a deferred tax asset of $ 50 (incorrect) and a valuation allowance of $ 20 (incorrect) . ???

Use the following information to calculate cash paid for income taxes: Income Tax Expense $ 65,000...

Use the following information to calculate cash paid for income taxes: Income Tax Expense $ 65,000 Income Tax Payable, January 1 24,000 Income Tax Payable, December 31 14,500 Multiple Choice $65,000. $89,000. $79,500. $55,500. $74,500. A manufacturer reports the following costs to produce 24,000 units in its first year of operations: Direct materials, $24 per unit, Direct labor, $20 per unit, Variable overhead, $216,000, and Fixed overhead, $288,000. Of the 24,000 units produced, 23,200 were sold, and 800 remain in...

Where do I find income tax expense and cash paid for taxes on a profit and...

Where do I find income tax expense and cash paid for taxes on a profit and loss statement that's part of a 10-K? Can an example be provided from an SEC company?

Flint Company has the following two temporary differences between its income tax expense and income taxes...

Flint Company has the following two temporary differences between its income tax expense and income taxes payable. 2020 2021 2022 Pretax financial income $842,000 $956,000 $914,000 Excess depreciation expense on tax return (28,800 ) (39,300 ) (9,900 ) Excess warranty expense in financial income 20,400 9,500 7,600 Taxable income $833,600 $926,200 $911,700 The income tax rate for all years is 20% Assuming there were no temporary differences prior to 2020, prepare the journal entry to record income tax expense, deferred...

Carla Company has the following two temporary differences between its income tax expense and income taxes...

Carla Company has the following two temporary differences between its income tax expense and income taxes payable. 2020 2021 2022 Pretax financial income $864,000 $949,000 $920,000 Excess depreciation expense on tax return (30,800) (41,000) (9,600) Excess warranty expense in financial income 20,900 10,500 8,300 Taxable income $854,100 $918,500 $918,700 The income tax rate for all years is 20%. Assuming there were no temporary differences prior to 2020, prepare the journal entry to record income tax expense, deferred income taxes, and...

Shamrock Company has the following two temporary differences between its income tax expense and income taxes...

Shamrock Company has the following two temporary differences between its income tax expense and income taxes payable. 2017 2018 2019 Pretax financial income $844,000 $884,000 $948,000 Excess depreciation expense on tax return (30,800 ) (40,000 ) (9,500 ) Excess warranty expense in financial income 19,300 9,900 8,400 Taxable income $832,500 $853,900 $946,900 The income tax rate for all years is 40%. Assuming there were no temporary differences prior to 2017, prepare the journal entry to record income tax expense, deferred...

RoofCo reports total book income before taxes of $20 million and a total tax expense of...

RoofCo reports total book income before taxes of $20 million and a total tax expense of $8 million. FloorCo reports book income before taxes of $30 million and a total tax expense of $12 million. The companies’ breakdown between current and deferred tax expense (benefit) is as follows. Decision Making Communications RoofCo FloorCo Current tax expense $10.0 $13.0 Deferred tax benefit (2.0) (1.0) Total tax expense $8.0 $12.0 RoofCo’s deferred tax benefit is from a deferred tax asset...

Question