Patnode recorded a 2015 tax expense of $3,000. What amount did it pay to the tax...
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Patnode recorded a 2015 tax expense of $3,000. What amount did it pay to the tax authorities during 2015? $2,400 $7,000 948 $600 $5,400 Patnode, Inc. Comparative Balance Sheet Assets Current Assets Cash Accounts receivable Merchandise inventory Total current assets Non-Current Assets Machinery, at cost Less: Accumulated depreciation Machinery, net License, at cost Less: Amortization License, net Total Assets Dec. 31, 2014 $ 34,000 22,000 18,000 $74.000 0 0 $ 10,000 1,000 0 9,000 $ 83,000 Dec. 31, 2015 Change $41,000 $7,000 3,000 (6,000) $4,000 25,000 12,000 $78,000 $ 15,000 3,000 15,000 3,000 12,000 0 2.000 7,000 (2.000) $ 97,000 $ 14,000 $10,000 3,000 12,000 Note that amortization of the license asset has been shown as a separate line item only for ease of calculations. Liabilities Current Liabilities Accounts payable Taxes payable Short-term debt Total current liabilities Owners' Equity Common stock Retained earnings Total Liabilities & Owners' Equity Dec. 31, 2014 $ 13,000 7,000 10,000 $30.000 19,000 34,000 $ 83,000 Dec. 31, 2015 $12.000 9.400 15,000 $30.400 22,000 38,000 $ 97,000 Change $-1,000 2,400 5,000 $ 0.400 3,000 4,000 $14,000 Patnode recorded a 2015 tax expense of $3,000. What amount did it pay to the tax authorities during 2015? $2,400 $7,000 948 $600 $5,400 Patnode, Inc. Comparative Balance Sheet Assets Current Assets Cash Accounts receivable Merchandise inventory Total current assets Non-Current Assets Machinery, at cost Less: Accumulated depreciation Machinery, net License, at cost Less: Amortization License, net Total Assets Dec. 31, 2014 $ 34,000 22,000 18,000 $74.000 0 0 $ 10,000 1,000 0 9,000 $ 83,000 Dec. 31, 2015 Change $41,000 $7,000 3,000 (6,000) $4,000 25,000 12,000 $78,000 $ 15,000 3,000 15,000 3,000 12,000 0 2.000 7,000 (2.000) $ 97,000 $ 14,000 $10,000 3,000 12,000 Note that amortization of the license asset has been shown as a separate line item only for ease of calculations. Liabilities Current Liabilities Accounts payable Taxes payable Short-term debt Total current liabilities Owners' Equity Common stock Retained earnings Total Liabilities & Owners' Equity Dec. 31, 2014 $ 13,000 7,000 10,000 $30.000 19,000 34,000 $ 83,000 Dec. 31, 2015 $12.000 9.400 15,000 $30.400 22,000 38,000 $ 97,000 Change $-1,000 2,400 5,000 $ 0.400 3,000 4,000 $14,000
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Managerial Accounting
ISBN: 978-0697789938
13th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
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