EBK ACCOUNTING PRINCIPLES
13th Edition
ISBN: 9781119411017
Author: Weygandt
Publisher: WILEY
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Chapter 17, Problem 13BE
To determine
Introduction: The
To calculate: The cash payment for income taxes using the direct method.
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A.M.I. Corporation reported income taxes of $362,884,000 on its 2022 income statement. Its balance sheet reported income taxes payable of $279,289,000 at December 31, 2021, and $518,663,000 at December 31, 2022.
What amount of cash payments were made for income taxes during 2022?
Cash payment for income taxes = ?
I tried 2022 Income Statement + 2021 Balance Sheet - 2022 Balance sheet. What is the correct formula to calculate?
Consider the following data for 2019 from an after tax cash flow analysis.What is the after tax cash flow for 2019? Before-Tax-and-Loan = $23,000Loan Principal Payment = $3,203 Loan Interest Payment = $3,878. Depreciation Deduction = $12,490 Taxable Income = $6,633 Taxes Due = $1,658. a. $20,744 b. $14,262 c. $3,430 d. $1,175.
Use the following information for Ingersoll, Incorporated. Assume the tax rate is 21
percent.
Sales
Depreciation
Cost of goods sold
Other expenses
Interest
Cash
Accounts receivable
Short-term notes payable
Long-term debt
Net fixed assets
Accounts payable
Inventory
Dividends
Cash
Accounts receivable
Inventory
Net fixed assets
Current assets
Prepare a balance sheet for this company for 2020 and 2021. (Do not round
intermediate calculations.)
Total assets
Assets
Current liabilities
Liabilities & Equity
2020 2021
$7,616
$8,174
1,094
1,094
2,621
2,975
621
519
510
587
5,058
5,955
725
13,083
15,601
33,490 35,144
4,195 4,068
9,400 9,660
929
1,022
INGERSOLL, INCORPORATED
Balance Sheet as of December 31
2020
Total liabilities & owners' equity
3,994
4,387
772
$
3,994 $
4,387
9,400
2021
5,058
5,955
9,660
Chapter 17 Solutions
EBK ACCOUNTING PRINCIPLES
Ch. 17 - Prob. 1QCh. 17 - Prob. 2QCh. 17 - Prob. 3QCh. 17 - Prob. 4QCh. 17 - Prob. 5QCh. 17 - Prob. 6QCh. 17 - 7. Why is it necessary to use comparative balance...Ch. 17 - 8. Contrast the advantages and disadvantages of...Ch. 17 - Prob. 9QCh. 17 - Prob. 10Q
Ch. 17 - Prob. 11QCh. 17 - Prob. 12QCh. 17 - Prob. 13QCh. 17 - Prob. 14QCh. 17 - Prob. 15QCh. 17 - Prob. 16QCh. 17 - Prob. 17QCh. 17 - Prob. 18QCh. 17 - Prob. 19QCh. 17 - Prob. 20QCh. 17 - Prob. 21QCh. 17 - Prob. 22QCh. 17 - Prob. 1BECh. 17 - Prob. 2BECh. 17 - Prob. 3BECh. 17 - Prob. 4BECh. 17 - Prob. 5BECh. 17 - Prob. 6BECh. 17 - Prob. 7BECh. 17 - Prob. 8BECh. 17 - BE17-9 Hinck Corporation reported net cash...Ch. 17 - BE17-10 Suppose in a recent quarter, Alliance...Ch. 17 - BE17-11 The management of Morrow Inc. is trying to...Ch. 17 - BE17-12 Suppose Columbia Sportswear Company had...Ch. 17 - Prob. 13BECh. 17 - Prob. 14BECh. 17 - Prob. 1DIECh. 17 - Prob. 2aDIECh. 17 - Prob. 2bDIECh. 17 - Prob. 3DIECh. 17 - Prob. 1ECh. 17 - E17-2 An analysis of comparative balance sheets,...Ch. 17 - Prob. 3ECh. 17 - Prob. 4ECh. 17 - Prob. 5ECh. 17 - Prob. 6ECh. 17 - Prob. 7ECh. 17 - Prob. 8ECh. 17 - Prob. 9ECh. 17 - Prob. 10ECh. 17 - Prob. 11ECh. 17 - E17-11 Suppose a recent income statement for...Ch. 17 - Prob. 13ECh. 17 - Prob. 14ECh. 17 - Prob. 1PSACh. 17 - Prob. 2PSACh. 17 - Prob. 3PSACh. 17 - Prob. 4PSACh. 17 - Prob. 5PSACh. 17 - Prob. 6PSACh. 17 - Prob. 7PSACh. 17 - P17-8A Data for Nosker Company are presented in...Ch. 17 - Prob. 9PSACh. 17 - Prob. 10PSACh. 17 - Prob. 11PSACh. 17 - Prob. 17CCCh. 17 - Prob. 2EYCTCh. 17 - Prob. 3EYCTCh. 17 - Prob. 4EYCTCh. 17 - Prob. 5EYCTCh. 17 - Prob. 7EYCTCh. 17 - Prob. 1ISTQCh. 17 - Prob. 2ISTQCh. 17 - Prob. 3ISTQCh. 17 - Prob. 4ISTQCh. 17 - Prob. 5ISTQCh. 17 - Prob. 1IFRECh. 17 - Prob. 2IFRECh. 17 - Prob. 3IFRP
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- Interest and Income Taxes Staggs Company has prepared its 2019 statement of cash flows. In conjunction with this statement, it plans to disclose the interest and income taxes it paid during 2019. The following information is available from its 2019 income statement and beginning and ending balance sheet: Required: 1. Compute the amounts of interest paid and income taxes paid by Staggs for 2019. 2. Next Level Under IFRS, how would interest paid and income taxes paid be reported?arrow_forwardKingbird, Inc. reported income taxes of $421,800,000 on its 2022 income statement and income taxes payable of $315,780,000 at December 31, 2022, and $601,920,000 at December 31, 2022. What amount of cash payments were made for income taxes during 2022? Cash payment for income taxes $arrow_forwardReported income taxes on its recently ended year (2021), income statement. Its balance sheet reported an amount of income taxes payable at end of the previous year (2020), and a greater amount (Increase) for the recently ended year (2021)How do you calculate what amount of cash payments were made for income taxes during the recently ended year (2021)?arrow_forward
- Consider the following data for 2021 from an after-tax cash flow analysis. Before-Tax-and-Loan Cash Flow = $23,690 Loan Principal Payment = $3,299 Loan Interest Payment = $3,993 Depreciation Deduction = $12,865 Taxes Due = $2,323 After-Tax Cash Flow = $14,075 What is the taxable income for 2021? O $3,533 O $10,817 O $6,832 $16,398arrow_forwardUse the following information for Taco Swell, Incorporated, (assume the tax rate is 23 percent): 2020 2021 Sales $ 18,049 $ 18,858 Depreciation 2,406 2,514 Cost of goods sold 5,840 6,761 Other expenses 1,364 1,193 Interest 1,125 1,340 Cash 8,691 9,337 Accounts receivable 11,518 13,572 Short-term notes payable 1,704 1,671 Long-term debt 29,150 35,304 Net fixed assets 72,838 77,700 Accounts payable 6,287 6,730 Inventory 20,475 21,892 Dividends 2,129 2,344 For 2021, calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)arrow_forwardConsider the following data for 2021 from an after tax cash flow analysis. What is the taxable income for 2021? Before-Tax-and-Loan = $23,000 Loan Principal Payment = $3,203 Loan Interest Payment = $3,877 Depreciation Deduction = $12,490 Taxes Due = $1,658. After-Tax Cash Flow = $14,262. a. $40,000 b. $35,540 c. $6,633 d. $28,460.arrow_forward
- Use the following information for Ingersoll, Inc. Assume the tax rate is 21 percent. 2019 $18,798 2,494 6,741 1,183 Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 2018 $17,049 2,386 5,740 1,350 Cash flow from assets Cash flow to creditors Cash flow to stockholders 1,115 1,330 8,681 9,277 11,498 13,512 1,684 1,651 29,090 35,254 72,792 77,640 6,275 6,670 20,441 21,872 2,029 2,324 For 2019, calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)arrow_forwardCurrent liabilities include interest revenue received in advance, with a carrying amount if P1,000. The related interest revenue was taxed on a cash basis. The tax base is * Your answerarrow_forward10. Pandoy Inc. reported purchases of P2,500,000 in its cash basis incomestatement during 2020. Additional information revealed the balance ofaccounts payable on January 1, 2020 is P600,000 and on December 31,2020 is P800,000.How much is the purchases under accrual basis ofaccounting? A. P2,300,000B. P2,500,000C. P2,700,000D. P3,900,000E. answer not givenarrow_forward
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