Sneed Corporation reported balances in the following accounts for the current year: $\begin{array}{ccrr}
&\text { Beginning } & {\text { Ending }} \
Income~ tax ~payable&\$ 50 & \$ 30 \
Deferyed ~tax ~liability&80 & 140
\end{array}$ Income tax expense was $230 for the year. What was the amount paid for taxes?
A) $280.
B) $220.
C) $210.
D) $190.

Question

Sneed Corporation reported balances in the following accounts for the current year: $\begin{array}{ccrr}
&\text { Beginning } & {\text { Ending }} \
Income~ tax ~payable&\$ 50 & \$  30 \
Deferyed ~tax ~liability&80  & 140
\end{array}$ Income tax expense was $230 for the year. What was the amount paid for taxes?
A) $280.
B) $220.
C) $210.
D) $190.

Quizplus · Accepted Answer

$\colorbox{white}{\text{Income tax expense}}~~~~~~~~~~~~~~~~230$
Income tax payable$~~~~~~~~~~~~~~~~20$
Deferred tax liability$~~~~~~~~~~~~~~~~60$
Cash$~~~~~~~~~~~~~~~~190$

Sneed Corporation Reported Balances in the Following Accounts for the Current