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    Grace123Mercy's Avatar
    Grace123Mercy Posts: 9, Reputation: 0
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    #1

    Jan 18, 2013, 06:37 PM
    Accounting question
    Patnode recorded a 2005 tax expense of $3,000. What amount did it pay to the tax authorities during 2005? Taxes payable is $9400.

    A $2,400
    B $7,000
    C $600
    D $5,400

    I am really confused here, I think the answer might be a or d. I don't know how to actually calculate this. Is there a formula to use. Please help.
    Fidget1's Avatar
    Fidget1 Posts: 105, Reputation: 4
    Junior Member
    		  
    #2

    Jan 19, 2013, 05:04 AM
    Have you made a mistake when typing in your question or have you missed something out?

    In general, to find the cash paid:

    Take opening bal, add expense for the year, deduct closing balance. The difference is the cash paid.
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