The income statement for Simpson, Inc. indicates that tax expense was
The income statement for Simpson, Inc. indicates that tax expense was $30,000. The balance sheet
indicates that taxes payable for the same year increased by $5,000. What amount did Simpson, Inc.
actually pay in taxes during this year?
A) $20,000
B) $25,000
C) $15,000
D) Cannot be determined without the cash balance
ANSWER
B
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