The company reported the following balance sheet information: _________________________________________2013 __________2012 Income taxes payable . . . .
Question:
_________________________________________2013 __________2012
Income taxes payable . . . . . . . . . . . . . . . . . . . . . $ 17,000 ............ $22,000
Deferred income tax liability. . . . . . . . . . . . . . . . 130,000 .............. 90,000
Total income tax expense for 2013 was $60,000. Compute the amount of cash paid for income taxes in 2013.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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