Events & Promotions
|
|
GMAT Club Daily Prep
Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.
Customized
for You
Track
Your Progress
Practice
Pays
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
Aug 2710:00 AM EDT
-11:00 AM EDT
We’ve worked incredibly hard to build TTP into the best test prep experience possible, and it would mean a lot to us to win Newsweek’s 2026 Readers’ Choice Award for Best Test Prep. If TTP has helped you, we’d be incredibly grateful for your vote.
Sep 0410:00 AM PDT
-11:00 AM PDT
What does test anxiety really look like on the GMAT? For many test takers, it does not look like a panic attack. Instead, it shows up as brain fog, rereading, negative comparisons, mental noise....
Sep 0609:30 AM EDT
-12:30 PM EST
Top scores are possible when you enroll in a powerful EA course, taught live online + 6 months access to TTP OnDemand video courses included! Perfect class schedule and easy course access for working professionals. Class starts Sundays Sept. 6, 2026.- Sep 07
12:01 AM PDT
-11:59 PM PDT
On the 7th, GMAT Club Tests will be Free! Including all the Quizzes, Questions, and Tests. 12 AM - 11:59 PM PDT - Sep 09
07:00 AM PDT
-10:00 AM PDT
Meet AdComs and explore top Master’s programs - MiM, MiF, MSc, MSBA and more. - Application Fee Waivers - Free 1-Week of GMAT Club Tests: - Master's Application Toolkit - Grand Prize Giveaway 
Sep 1507:00 PM EDT
-09:00 PM EST
Elite scores are possible when you enroll in a powerful GMAT course, taught live online + 6 months access to TTP OnDemand video courses included! Class starts Tues/Thurs Sept. 15, 2026 - Nov. 15, 2027, 7:00pm-9:00pm EST
Sep 2108:00 PM EDT
-10:00 PM EDT
Boost your GMAT score in less than one month in a live online class + 6 months access to TTP OnDemand video courses included! Class starts Mon, Tues, Wed, Thur, Fri Sept. 21, 2026 - Oct. 9, 2027, 7:00pm-10:00pm EST
02 Jul 2018, 10:27
Kudos
Bookmarks
Hi guys,
Not a GMAT question, but I cannot figure out this very basic q and wanted some help.
Carlita began 2014 with a taxes payable account balance of $3,000. On December 31, 2014, its taxes payable account balance is $7,000. How much did Carlita pay to the tax authorities during the year?
A. 2,000
B. 4,000
C. 6,000
D. Cannot be determined
Income statement:
Sales.........120,000
Less COGS.........90,000
Gross Margin.........30,000
Less Operating Expenses 10,000
Operating Income.......20,000
Less Interest Expenses.......2,000
Income before Taxes..... 18,000
Less income expense......6,000
Net income....... 12,000
So I initially thought it would be 6,000 because that's reported on the income statement-- that's what she actually paid in taxes right? I believe the answer is supposed to be 2,000.
Not a GMAT question, but I cannot figure out this very basic q and wanted some help.
Carlita began 2014 with a taxes payable account balance of $3,000. On December 31, 2014, its taxes payable account balance is $7,000. How much did Carlita pay to the tax authorities during the year?
A. 2,000
B. 4,000
C. 6,000
D. Cannot be determined
Income statement:
Sales.........120,000
Less COGS.........90,000
Gross Margin.........30,000
Less Operating Expenses 10,000
Operating Income.......20,000
Less Interest Expenses.......2,000
Income before Taxes..... 18,000
Less income expense......6,000
Net income....... 12,000
So I initially thought it would be 6,000 because that's reported on the income statement-- that's what she actually paid in taxes right? I believe the answer is supposed to be 2,000.
Archived Topic
Hi there,
This topic has been closed and archived due to inactivity or violation of community quality standards. No more replies are possible here.
Where to now? Join ongoing discussions on thousands of quality questions in our Quantitative Questions Forum
Still interested in this question? Check out the "Best Topics" block below for a better discussion on this exact question, as well as several more related questions.
Thank you for understanding, and happy exploring!
03 Jul 2018, 10:18
Kudos
Bookmarks
Hi tumpti,
Should be 2,000.
3,000+6,000 - X = 7,000 => X=2,000
Should be 2,000.
3,000+6,000 - X = 7,000 => X=2,000
Archived Topic
Hi there,
This topic has been closed and archived due to inactivity or violation of community quality standards. No more replies are possible here.
Where to now? Join ongoing discussions on thousands of quality questions in our Quantitative Questions Forum
Still interested in this question? Check out the "Best Topics" block above for a better discussion on this exact question, as well as several more related questions.
Thank you for understanding, and happy exploring!
Attachments
jk.png [ 4.42 KiB | Viewed 12369 times ]
