Sneed corporation reported balances in the following accounts for the current year: beginning ending income tax payable $ 54 $ 34 deferred tax liability 75 145 income tax expense was $231 for the year. what was the amount paid for taxes?

$181

Explanation:

Given that,

Beginning:

Income tax payable = $54

Deferred tax liability = $75

Ending:

Income tax payable = $34

Deferred tax liability = $145

Tax expenses during the year = $231

Amount of tax paid during the year:

= Tax expenses during the year + (Beginning - ending tax payable) - (Ending - Beginning deferred tax liability)

= $231 + ($54 - $34) - ($145 - $75)

= $231 + $20 - $70

= $181

fractionally backed paper money

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paper money

metallic money

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