If income tax expense for the current year was 46000 and, Ask an Expert

Accounting

The cash flows from operating activities are reported by the direct method on the statement of cash flows. Determine the following:

a. If sales for the current year were $685,000 and accounts receivable decreased by $43,500 during the year, what was the amount of cash received from customers?

b. If income tax expense for the current year was $46,000 and income tax payable decreased by $5,200 during the year, what was the amount of cash payments for income tax?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9406722

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