For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters Cumulative Taxable Income $ 1,700,000 2,636,000 3,681,000 Quarter-End First Second Third 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. Installment First quarter Second quarter Third quarter Fourth quarter Taxable Income $ 1,700,000 $ 1,700,000 > > > > $ 2,636,000 $ 3,681,000 Annualization Factor Annual Estimated Taxable Income 4 $ 4 $ 6,800,000 6,800,000 2 $ 5,272,000 1.3333333✔✔S 4,908,000 Answer is not complete. Tax on estimated taxable income $ 6,800,000 X $ 6,800,000 X $ 5,272,000 X $ 4,895,730 X Percentage of Tax Required To Be Paid 25 % 50 % 75 % 100 % Required Cumulative Payment Prior Cumulative Payments $ 1,700,000 $ 0 $ 3,400,000 $ 1,700,000 $ 3,954,000 $ 3,954,000 $ 4,895,7304,895,730 Required Estimated Tax Payment $1,700,000 X $1,700,000 x

For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters Cumulative Taxable Income $ 1,700,000 2,636,000 3,681,000 Quarter-End First Second Third 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. Installment First quarter Second quarter Third quarter Fourth quarter Taxable Income $ 1,700,000 $ 1,700,000 > > > > $ 2,636,000 $ 3,681,000 Annualization Factor Annual Estimated Taxable Income 4 $ 4 $ 6,800,000 6,800,000 2 $ 5,272,000 1.3333333✔✔S 4,908,000 Answer is not complete. Tax on estimated taxable income $ 6,800,000 X $ 6,800,000 X $ 5,272,000 X $ 4,895,730 X Percentage of Tax Required To Be Paid 25 % 50 % 75 % 100 % Required Cumulative Payment Prior Cumulative Payments $ 1,700,000 $ 0 $ 3,400,000 $ 1,700,000 $ 3,954,000 $ 3,954,000 $ 4,895,7304,895,730 Required Estimated Tax Payment $1,700,000 X $1,700,000 x

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter3: Taxes On The Financial Statements

Section: Chapter Questions

Problem 4BCRQ

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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 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. Installment First quarter Second quarter Cumulative Taxable Income $ 1,000,000 1,600,000 2,400,000 Third quarter Fourth quarter Taxable Income Annualization Factor Annual Estimated Taxable Income $ $ $ $ 0 0 0 0 Tax on Estimated Taxable Income Percentage of Tax Required to be Paid Required Cumulative Payment % $ |% $ % $ % $ 0 0 0 0 Prior Cumulative Payments Required Estimated Tax Payment
For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. Quarter-End Cumulative Taxable Income First $ 1,860,000 Second 2,620,000 Third 3,510,000 What are LNS’s minimum first, second, third, and fourth quarter estimated tax payments, using the annualized income method? (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.)
For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. Quarter-End Cumulative Taxable Income First $ 1,850,000 Second 2,520,000 Third 3,600,000 What are LNS’s minimum first, second, third, and fourth quarter estimated tax payments, using the annualized income method?
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 Installment Cumulative Taxable Income $1,000,000 1,600,000 2,400,000 What are LNS's minimum first, second, third, and fourth quarter estimated tax payments determined using the annualized income method? (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.) First quarter Second quarter Third quarter Fourth quarter Taxable Annualization Income Factor $ 1,000,000 1,000,000 1,600,000 2,400,000 Annual Est. Taxable Income $4,000,000 4 $4,000,000 2 $3,200,000 1.3300000 $3,192,000 Answer is complete but not entirely correct. Tax on Estimated Taxable Income 4 $ 1,360,000 1,360,000 1,088,000 1,088,000 $ $ X Percentage of Tax Required to be Paid 25 % 50 %…
Grateful Enterprises had the following income before tax provision andeffective annual tax rate for the first three quarters of the current year: 1stQuarter - 5,000,000 (30%); 2nd Quarter - 6,000,000 (30%); 3rd Quarter-7,000,000 (25%). What amount should be reported as income taxexpense in the interim income statement for the third quarter?
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Dive Company, a calendar-year corporation, had the following actualincome before income tax expense and estimated effective annualincome tax rates for the first three quarters in 2020. Dive's income taxexpense in its interim income statement for the third quarter should be: A. P126,000.B. P68,400.C. P62,400.D. P54,000.
IT Company reported the following results for the year ended December 31, 2020, its first year of operations: Income (per books before income taxes)- P750,000 Taxable income-P1,200,000 The disparity between book income and taxable income is attributable to a temporary difference which will reverse in 2021. What should IT record as a net deferred tax asset or liability for the year ended December 31, 2020, assuming that the enacted tax rates in effect are 40% in 2020 and 35% in 2021? A.P157,500 deferred tax liabilityB.P157,500 deferred tax assetC.P180,000 deferred tax liabilityD.P180,000 deferred tax asset
At the end of the year, a deductible temporary difference of $40 million has been recognised due to the difference between the carrying amount of a liability account for estimated expenses and its tax base. Taxable income is $50 million. No temporary differences existed at the beginning of the year, and the tax rate is 35%. Required: a. Prepare the journal entry(s) to record income taxes during the period. b.How much will income tax expense be shown in the income statement? c. What will be the balance sheet disclosure during the period regarding taxes?