Use the following information to calculate cash paid for income taxes: $$\begin{array} { l | r }
\text { Income tax expense } & \$ 43,000 \
\hline \text { Income tax payable, January l } & 9,100 \
\hline \text { Income tax payable, December 31 } & 10,200
\end{array}$$
A) $43,000.
B) $52,100.
C) $23,700.
D) $41,900.
E) $53,200.

Question

Use the following information to calculate cash paid for income taxes: $$\begin{array} { l | r } 
\text { Income tax expense } & \$ 43,000 \
\hline \text { Income tax payable, January l } & 9,100 \
\hline \text { Income tax payable, December 31 } & 10,200
\end{array}$$
A) $43,000.
B) $52,100.
C) $23,700.
D) $41,900.
E) $53,200.

Quizplus · Accepted Answer

Cash paid for income taxes is calculated as: Income tax expense + Beginning income tax payable - Ending income tax payable = $43,000 + $9,100 - $10,200 = $41,900.

Use the Following Information to Calculate Cash Paid for Income