Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 12 - Statement of Cash Flows - Brief Exercises: BE12-14

Answer

Calculation of amount of cash payments made for income taxes during 2010: Cash payments for income taxes: Income tax payable as on January 1.2010 - 227,000,000 dollars Income tax for the year 2010 - 370,000,000 dollars Total payable for the year - 647,000,000 dollars Less: income tax payable as on December 31,2010 - (522,000,000 dollars) Cash payments made during in 2010 - 125,000,000 dollars

Work Step by Step

The table indicates about the calculation of amount of cash payments for income taxes for 2010
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