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20 February, 12:15

Sneed Corporation reported balances in the following accounts for the current year: Beginning Ending Income tax payable $ 50 $ 30 Deferred tax liability 80 140 Income tax expense was $230 for the year. What was the amount paid for taxes?

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  1. 20 February, 12:56
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    Amount of taxes payable is $210.

    Explanation:

    Calculating the Income tax amount:

    Income tax = Closing balance - opening balance + income tax expenses

    Income tax = 30 - 50 + 230

    Income tax = - 20 + 230

    Income tax = $210
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