Kinsey Corporation reported income taxes of $340,000,000 on its 2012 income statement and income taxes payable of

Question:

Kinsey reported income taxes of $340,000,000 on its 2012 income statement and income taxes payable of $277,000,000 at December 31, 2011, and $522,000,000 at December 31, 2012. What amount of cash payments were made for income taxes during 2012?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...