Use the following information to calculate cash paid for income taxes: Income tax expense$50,000 Income tax payable, January 1 9,000 Income tax payable, December 31 7,000
A. $59,000.
B. $57,000.
C. $48,000.
D. $50,000.
E. $52,000.
Answer: E
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The major risk exposures associated with the receiving department include all of the following except
a. goods are accepted without a physical count b. there is no inspection for goods damaged in shipment c. inventories are not secured on the receiving dock d. the audit trail is destroyed
Free cash flow is
A) a financial ratio. B) an important measure of a company's ability to finance long-term assets. C) what remains after deducting dividends declared from net income. D) an important measure of a company's ability to invest in short-term assets.
Dividends are paid regardless if the company makes a profit
Indicate whether this statement is true or false.
Gallon Corporation had $24,000 of raw materials on hand on April 1. During the month, the Corporation purchased an additional $52,000 of raw materials. During April, $62,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $2,000. The debits to the Work in Process account as a consequence of the raw materials transactions in April total:
A. $52,000 B. $60,000 C. $62,000 D. $0