Use the following information to calculate cash paid for inc

Use the following information to calculate cash paid for income taxes: 45 Income Tax Expense Income Tax Payable, January 1 Income Tax Payable, December 31 $60,000 19,000 12,000 2 points 0152:15 References Multiple Choice $60,000 $79,000 $72,000

Solution

45 Cash paid for income taxes = 60000+19000-12000= $67000 46 Cash payments for merchandise = 735000+201500-215000+93500-99000= $716000 47 Cash received from dividends = 73500+6600-5100= $75000