Question
During 2014, Nebraska Wheat Company had operating expenses of $83,500 and income tax expenses of $13,000. Depreciation expense of $20,000 for 2014 was included in
During 2014, Nebraska Wheat Company had operating expenses of $83,500 and income tax expenses of $13,000. Depreciation expense of $20,000 for 2014 was included in operating expenses. The ending balance of prepaid expenses was $3,600 in 2013 and $2,300 in 2014. The ending balance of accrued liabilities (excluding income taxes payable) was $3,000 in 2013 and $2,000 in 2014. The ending balance of income taxes payable was $4,100 in 2013 and $3,500 in 2014.
Calculate cash payments for operating expenses and income taxes in 2014 using the direct method.
Cash Payments for Operating Expenses | |
Cash Payments for Income Taxes |
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Cornerstones of Managerial Accounting
Authors: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
6th edition
1305103963, 978-1305548909, 1305548906, 978-1305103962
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