Analyzing changes in income taxes payable Kajima Corporation, a Japanese construction firm, reported a balance in Income

Question:

Analyzing changes in income taxes payable Kajima a Japanese construction firm, reported a balance in Income Taxes Payable of ¥3,736 million at the beginning of 2007 and ¥4,310 million at the end of 2007. Net income before income taxes for 2007 totaled ¥73,05l million. Assume that the firm is subject to an income tax rate of 43%. Compute the amount of cash payments made for income taxes during 2007. Kajima applies Japanese accounting standards, and reports its results in millions of yen (¥). In answering this question, assume that Kajima uses either U.S. or IFRS for purposes of this problem, this choice will not matter.

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...