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?

Solutions

Expert Solution

Income tax expense is calculated once the net taxable income of an assessee has been arrived at. It's usually displayed in the second last of the Profit & Loss Statement just before net income after taxes.

Cash paid on taxes is reflected in the Cash Flow Statement as an outflow of funds towards payment of income tax which has been calculated in Profit & Loss Statement.

Form 10-K image of Upland Software Inc. which is a listed company has been provided as illustration

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

How do I find income tax expense

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...

Is Income tax expense or a profit-sharing?

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?

Because the income tax structure is progressive, the amount of taxes paid is a _____. a....

Because the income tax structure is progressive, the amount of taxes paid is a _____. a. smaller fraction of income in expansions than in contractions b. decreasing function of income in both expansions and contractions c. larger fraction of income in expansions than in contractions d. constant fraction of income throughout the business cycle e. constant amount at all levels of output and income

Because the income tax structure is progressive, the amount of taxes paid is a _____. a....

Because the income tax structure is progressive, the amount of taxes paid is a _____. a. decreasing function of income in both expansions and contractions b. constant fraction of income throughout the business cycle c. constant amount at all levels of output and income d. smaller fraction of income in expansions than in contractions e. larger fraction of income in expansions than in contractions

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...

Subjects