For the current year, Southern Cross Company reported income tax expense of $45,000 . Income taxes payable at the end of the prior year were $20,000 and at the end of the current year were $27,000 . The deferred tax liability classified as noncurrent that resulted from the use of MACRS for tax purposes and straight-line depreciation for financial reporting purposes increased from $18,000 at the
beginning of the current year to $23,000 at the end of the current year. How much cash was paid for income taxes during the year?
a. $33,000
b. $45,000
c. $38,000
d. $47,000
A
You might also like to view...
Parallelism is essentially a convention of ______________________
a. local language use b. constructing lists c. sentence construction d. archaic grammar rules
Which of the following is an incorrect statement regarding the principal-agent relationship in Japan?
A) Agents need not disclose whom they are representing. B) Third parties often require proof that agents are acting on behalf of a particular principal. C) The agent must have expressed authority to act. D) Principals are held liable for acts of agents within their limited range.
Mia, an administrative assistant in the business division of a university, is assigned the responsibility of serving the needs of the division's professors. However, Mia often reads books and looks at catalogs during working hours because she has plenty of free time. It appears that the professors in the division have failed to
A. delegate. B. work hard. C. teach class. D. prioritize. E. be held accountable.
Each organization has to decide its acceptable project mix of ________
A) Costs B) Personnel C) Requirements D) Risks