Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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

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)

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

What is quality of work life ?

Answered: 1 week ago

Question

What is meant by Career Planning and development ?

Answered: 1 week ago

Question

What are Fringe Benefits ? List out some.

Answered: 1 week ago