1. Calculate the cash payment for income taxes for Markowitz Corporation based o

Question

1. Calculate the cash payment for income taxes for Markowitz Corporation based on the following information:income tax expense $93,000, $8,000 decrease in federal income taxes payable and $10,000 increase in state income taxes payable during the year.
A. $91,000
B. $85,000
C. $83,000
D. $75,000 .

2. During the year Sibila Company increased its inventory by $75,000, cost of goods sold was 105,000, and accounts payable decreased by $11,000. Calculate the company's cash payments to suppliers. $86,000 $116,000 $180,000 $191,000 3. Martinez, Inc. had the following information: cash sales $700,000, credit sales $1,350,000, and accounts receivable decreased by $50,000 for the year. Calculate how much money the company had received from its customers.

A. $2,000,000
B. $2,100,000
C. $2,050,000
D. $2,000,000

       $2,000,000
       $2,100,000
       $2,050,000
       $2,000,000

3. Martinez, Inc. had the following information: cash sales $700,000, credit sales $1,350,000, and accounts receivable decreased by $50,000 for the year. Calculate how much money the company had received from its customers. (Points : 3)

Explanation / Answer

Income Tax Expenses

93000

Add:

Decrease in Federal income tax payabke

8000

Less:

Increase in State Income tax liability

10000

Total Cash Payment

91000

Increase in the Inventory

75000

(We purchase goods from the supplier

so we paid to suppliers)

Add:

Decrease by accounts Payable

11000

(Means we paid to suppliers)

Total Cash Payment

86000

Note:

Cost of goods sold is not related .

3. Martinez, Inc. had the following information: cash sales $700,000, credit sales $1,350,000, and accounts receivable decreased by $50,000 for the year. Calculate how much money the company had received from its customers.

Cash Sales

700000

Credit Sales

1350000

Add:

Decrease in Accounts Receivable

(We received the money from customer

so decreased the accounts receivable)

50000

Total money had received from Customers

2100000

Income Tax Expenses

93000

Add:

Decrease in Federal income tax payabke

8000

Less:

Increase in State Income tax liability

10000

Total Cash Payment

91000

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.