Question
For 2013, Randolph Corp. reported interest expense of $600,000 in the income statement. Interest payable was $35,000 and $75,000 at the beginning and the end
For 2013, Randolph Corp. reported interest expense of $600,000 in the income statement. Interest payable was $35,000 and $75,000 at the beginning and the end of the year, respectively. Using this information, what was the amount of cash paid for interest by Randolph in 2013?
$640,000
$525,000
$560,000
$635,000
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Income tax expense presented on the income statement is $1,000,000, and during the period, income tax payable increased from $100,000 to $200,000. Using this information, what amount of cash was paid for income tax during the period?
$1,000,000
$1,100,000
$ 900,000
$ 800,000
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