In 2012, Kahoka Company paid $10,000 to satisfy its 2011 tax liability, $64,000 for its 2012 tax liability, and still owed taxes payable of $16,000 at year-end. How much should Kahoka report as a cash outflow for tax payments on the 2012 statement of cash flows?

Question

Quizplus · Accepted Answer

Kahoka paid $10,000 for its 2011 tax liability and $64,000 for its 2012 tax liability, for a total of $74,000.

In 2012, Kahoka Company Paid $10,000 to Satisfy Its 2011