Question

Sneed Corporation reported balances in the following accounts for the current year: Beginning Ending Income tax payable $ 50 $ 30 Deferred tax liability 80 140 Income tax expense was $230 for the year. What was the amount paid for taxes?

Answer 1

Answer:

Amount of taxes payable is $210.

Explanation:

Calculating the Income tax amount:

Income tax = Closing balance - opening balance + income tax expenses

Income tax = 30 - 50 + 230  

Income tax = - 20 + 230

Income tax = $210