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

Business

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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

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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.

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Dividends are paid regardless if the company makes a profit

Indicate whether this statement is true or false.

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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

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