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Vanyuwa [196]
3 years ago
10

Sneed Corporation reported balances in the following accounts for the current year: Beginning Ending Income tax payable $ 50 $ 3

0 Deferred tax liability 80 140 Income tax expense was $230 for the year. What was the amount paid for taxes?
Business
1 answer:
RUDIKE [14]3 years ago
7 0

Answer:

Amount of taxes payable is $210.

Explanation:

<u>Calculating the Income tax amount: </u>

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

Income tax = 30 - 50 + 230  

Income tax = - 20 + 230

Income tax = $210

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