Use the Following Information to Calculate Cash Paid for Income

question 139

Multiple Choice

Use the following information to calculate cash paid for income taxes: Income tax expense $50,000
$$\begin{array} {| l | r | } \hline \text { Income tax payable, January 1 } & 9,000 \\\hline \text { Income tax payable, December 31 } & 7,000\\\hline \end{array}$$

• A) $50,000.
• B) $59,000.
• C) $57,000.
• D) $48,000.
• E) $52,000.

Execute basic mathematical operations and conversions involving decimals, fractions, and percentages.

Apply the principles of basic algebra to solve finance-related problems.

Analyze the structure of graduated tax and commission systems.

Utilize financial formulas to calculate future and present values of investments.

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