Tabador Corporation shows income tax expense of $80,000. There has been a $2,000 increase in income taxes payable during the year. What was Tabador's cash payment for income taxes?

Question

Quizplus · Accepted Answer

The cash payment for income taxes is calculated by subtracting the increase in income taxes payable from the income tax expense. Therefore, $80,000 - $2,000 = $78,000.

Tabador Corporation Shows Income Tax Expense of $80,000