For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. Quarter-End First Second Third Cumulative Taxable Income $ 1,240,000 2,190,000 2,985,000 What are LNS's minimum first-, second-, third-, and fourth-quarter estimated tax payments, using the annualized income method? Note: Enter all amounts as positive values. Leave no answer blank. Enter zero If applicable. Round "Annualization Factor" for Fourth quarter to 7 places. Round other Intermediate computations and final answers to the nearest whole dollar amount. Answer is not complete. Installment Taxable Income Annualization Factor Annual Estimated Taxable Income Tax on estimated Percentage of Tax Required taxable To Be Paid income Required Cumulative Payment Prior Cumulative Payments Required Estimated Tax Payment First quarter Second quarter $ 1,240,000 4 S 4,960,000 25 % 19 S 0 $ 0 $ 1,240,000 4 S 4,960,000 50 % S 0 Third quarter $ 2,190,000 2 S 4,380,000 75 96 S 0 Fourth $ 2,985,000 S 0 100 % S 0 quarter
For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. Quarter-End First Second Third Cumulative Taxable Income $ 1,240,000 2,190,000 2,985,000 What are LNS's minimum first-, second-, third-, and fourth-quarter estimated tax payments, using the annualized income method? Note: Enter all amounts as positive values. Leave no answer blank. Enter zero If applicable. Round "Annualization Factor" for Fourth quarter to 7 places. Round other Intermediate computations and final answers to the nearest whole dollar amount. Answer is not complete. Installment Taxable Income Annualization Factor Annual Estimated Taxable Income Tax on estimated Percentage of Tax Required taxable To Be Paid income Required Cumulative Payment Prior Cumulative Payments Required Estimated Tax Payment First quarter Second quarter $ 1,240,000 4 S 4,960,000 25 % 19 S 0 $ 0 $ 1,240,000 4 S 4,960,000 50 % S 0 Third quarter $ 2,190,000 2 S 4,380,000 75 96 S 0 Fourth $ 2,985,000 S 0 100 % S 0 quarter
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
ChapterMB: Model-building Problems
Section: Chapter Questions
Problem 12M
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