From the following list, identify whether the change in the account balance during the year would be reported as an operating (O), an investing (I), or a financing (F) activity or not separately reported on the statement of cash flows (N).Assume that the indirect method is used to determine the cash flows from operating activities.
-Taxes payable
A)O - Operating
B)I - Investing
C)F - Financing
D)N - Not separately reported on the Statement of Cash Flows

Question

Quizplus · Accepted Answer

Changes in taxes payable are related to income taxes, which are considered part of operating activities because they arise from the company's primary operations.

From the Following List, Identify Whether the Change in the Account