Use the Following Information for Questions 32-33

question 64

Multiple Choice

Use the following information for questions 32-33.
Oswald Ltd. has recently decided to go public and has hired you as their independent accountant. They wish to adhere to IFRS and know that they must prepare a statement of cash flows. Their financial statements for 2020 and 2019 are provided below: The following additional data were provided for calendar 2020:
1. Dividends declared and paid were $ 24,000.
2. Equipment was sold for $ 30,000. This equipment originally cost $ 44,000, and had a book value of $ 36,000 at the time of sale. The loss on sale was included in "selling and administrative expenses," as was the depreciation expense for the year.
3. Bonds were retired during the year at par.
-On a statement of cash flows for calendar 2020, the cash paid for income taxes is

• A) $ 17,000.
• B) $ 12,000.
• C) $ 7,000.
• D) $ 5,000.

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Definitions:

R

A symbol often used to represent resistance in electrical circuits.

Phase Angle

A measurement, often in degrees or radians, that describes the difference in phase between two waveforms, significant in AC circuits and signal processing.

RC Parallel Circuit

An electrical circuit consisting of resistors (R) and capacitors (C) connected in parallel, affecting the total impedance and phase angle.

R

Often used as a symbol for resistance in electrical circuits, measured in ohms (Ω).