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Josh Josh
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6 years ago
In its first year of operations, Badonna Corp. reported Income Tax Expense of $50,000 and Income Tax Payable of $16,000. At the end of the year, Badonna reported a current Deferred Tax Asset of $9,000 and a noncurrent Deferred Tax Liability of $5,000. What is the amount of cash paid for income taxes during the year?
Textbook 
Intermediate Accounting

Intermediate Accounting


Edition: 1st
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#1
6 years ago
 
Income Tax Expense$50,000
- Increase in Income Tax Payable   16,000
- Increase in Deferred Tax Liability      5,000
+ Increase in Deferred Tax Asset  9,000
Cash Paid for Income Taxes $38,000
Josh Author
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#2
6 years ago
Brilliant
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