Victoria Clothing reported the following amounts related to income taxes on its 2013 income statement.
Income tax benefit from NOL carryback . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12,000
Income tax benefit from NOL carryforward. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,000
Victoria also reported the following on its December 31, 2012 and 2013, balance sheets.
______________________________________________2013 ____________2012
Deferred tax asset-NOL carryforward . . . . . . . . . . . . . $28,000 ................ $ 0
Income tax refund receivable . . . . . . . . . . . . . . . . . . . . . . 12,000 .............. 4,000
1. If Victoria uses the indirect method of reporting cash flows, what information concerning income taxes would Victoria include in its statement of cash flows and related disclosure?
2. If Victoria uses the direct method of reporting cash flows, what information concerning income taxes would Victoria include in its statement of cash flows and related disclosure?