In this chapter you learned about income tax expense and

In this chapter, you learned about income tax expense and cash dividends. You should be able
to use what you have learned to determine the amount of cash used for payment of income tax
expense and cash dividends paid during the year. Let’s take a look at Kraft Foods Inc. The
company’s 2010 Annual Report (or 10-K) is located at www.kraftfoodscompany.com/Investor/s
ec-filings-kraftfoodscompany.com/Investor/sec-filings-annual-report/annual_reports.htm.kraftfoo
dscompany.com/Investor/sec-filings-annual-report/annual_reports.htm. Click View the most
recent edition of our annual report. 1. For the year ended 2010, how much was reported in net
revenues on Kraft Foods Inc.’s consolidated statement of earnings? 2. What was the
company’s current provision for income taxes for 2010? 3. How much did the company pay in
cash for income taxes during 2010? 4. What is one reason a company’s income tax expense
and the amount it paid in cash for income taxes might differ? From what you have learned in
this chapter, you should be able to come up with one explanation. 5. How much cash, if any, did
Kraft Foods Inc. pay in dividends during 2010? View Solution: In this chapter you learned about
income tax expense and
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