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post #1 of 7 Old 04-15-2006, 2:41 PM Thread Starter
 
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Accountants!!! Help Needed

Not sure if we have any accountants here or not, but I need a hand.

What did GM pay in Income Taxes in 2005?

Statement of Cash Flows

Did they not pay taxes b/c Net Income is a loss? If that's the case why isn't there a line item for taxes paid in 04 or 03 when the company actually posted a profit?

Thanks in advance.

HD

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post #2 of 7 Old 04-15-2006, 3:27 PM
 
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Re: Accountants!!! Help Needed

Income tax paid is up higher in the Consolidated Statements, but it is somewhat on the complex side... Income tax breakdown is down on page II-87. Very confusing though... Looks like a total of ($16,931,000). So what in the hell does that mean? How can Income Tax Paid be a negative number?
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post #3 of 7 Old 04-15-2006, 5:15 PM Thread Starter
 
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Re: Accountants!!! Help Needed

Quote:
Originally Posted by southpark460
Income tax paid is up higher in the Consolidated Statements, but it is somewhat on the complex side... Income tax breakdown is down on page II-87. Very confusing though... Looks like a total of ($16,931,000). So what in the hell does that mean? How can Income Tax Paid be a negative number?
How can you pay income taxes on a net loss?

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post #4 of 7 Old 04-15-2006, 5:16 PM Thread Starter
 
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Re: Accountants!!! Help Needed

I found it. Income Tax Expense on the Income statement. (5,878)

I still dont' understand it though.

Thanks bud.

HD

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post #5 of 7 Old 04-15-2006, 8:38 PM
 
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Re: Accountants!!! Help Needed

There is quite a bit of explanation in Note 12. On the Income Statement it should reflect a net tax credit in loss years, depending on taxes paid in prior profitable years, depending on the basis for those taxable earnings.
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post #6 of 7 Old 04-15-2006, 8:59 PM Thread Starter
 
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Re: Accountants!!! Help Needed

Quote:
Originally Posted by bwhip
There is quite a bit of explanation in Note 12. On the Income Statement it should reflect a net tax credit in loss years, depending on taxes paid in prior profitable years, depending on the basis for those taxable earnings.

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post #7 of 7 Old 04-15-2006, 9:37 PM
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Re: Accountants!!! Help Needed

Bean counters....

"It is better to post and risk reposting than to have never posted at all."




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