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
Related questions
Question
Domestic
Transcribed Image Text: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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning