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A company's Income Tax Payable account decreased from $14 million to $12 million during the year. If its income tax expense was $80 million, what would be shown as cash paid for income taxes under the direct method?
A cash outflow of $12 million.
A cash outflow of $78 million.
A cash outflow of $80 million.
A cash outflow of $82 million.

Sagot :

Kittyhacker14

Answer:

A cash outflow of $82 million is correct answer

Explanation:

Options:

A cash outflow of $12 million.

A cash outflow of $78 million.

A cash outflow of $80 million.

A cash outflow of $82 million.

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Answer:

A cash outflow of $82 million

Explanation:

$14 million + 80 million - x = $12 million. x = $82 million.

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