Reven Corporation prepares its statement of cash flows using the direct method. Last year, Reven reported Income Tax Expense of $25,000. At the beginning of last year, Reven had a $5,000 balance in the Income Taxes Payable account. At the end of last year, Reven had a $9,000 balance in the account. On its statement of cash flows for last year, what amount should Reven have shown for its Income Tax Expense adjusted to a cash basis (i.e., income taxes paid)?
A. $25,000
B. $29,000
C. $4,000
D. $21,000
Answer: D
You might also like to view...
Socioeconomic and demographic characteristics used to categorize respondents are referred to as basic information
Indicate whether the statement is true or false
Without mutual assent, there is no contract
Indicate whether the statement is true or false
Discuss how an entrepreneur decides on an economic opportunity.
What will be an ideal response?
An observer may conclude that the organizational culture of Zappos, an online retailer for shoes and clothing, might be the basis for its competitive advantage. However, reverse social engineering to crack Zappos' code of success might be much more difficult for a company trying to exactly imitate its strategy. Thus, the source of Zappos competitive advantage is said to be
A. socially complex. B. nonambiguous. C. inexhaustible. D. non-substitutable.