Questions -
Question 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.
$91,000
$85,000
$83,000
$75,000
Question 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
Question3. 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.
$2,000,000
$2,100,000
$2,050,000
$2,000,000
Question 4. Cruz Trading's beginning and ending balance accounts receivable for the year were $30,000 and $200,000 respectively, while the credit sales were $825,000. Calculate the cash collections from customers for the year.
$655,000
$625,000
$595,000
$555,000
Question 5. Bauer International's salaries payable decreased by $17,000 during the year. Calculate the cash paid to employees if salary expense was $215,000 for the year.
$198,000
$215,000
$232,000
$250,000