For the current year,Eastern Atlantic Company reported income tax expense of $21,000.Income taxes payable at the end of the prior year were $19,000 and at the end of the current year were $20,000.The deferred tax liability classified as noncurrent that resulted from the use of MACRS for tax purposes and straight-line depreciation for financial reporting purposes increased from $21,000 at the beginning of the current year to $23,000 at the end of the current year.How much cash was paid for income taxes during the year?

Question

Quizplus · Accepted Answer

The Answer of For the current year,Eastern Atlantic Company reported income tax expense of $21,000.Income taxes payable at the end of the prior year were $19,000 and at the end of the current year were $20,000.The deferred tax liability classified as noncurrent that resulted from the use of MACRS for tax purposes and straight-line depreciation for financial reporting purposes increased from $21,000 at the beginning of the current year to $23,000 at the end of the current year.How much cash was paid for income taxes during the year?

For the Current Year,Eastern Atlantic Company Reported Income Tax Expense