Homework Answers
The answer is:
| Installment | Taxable income | Annualization factor | Annual estimated taxable income | Tax on estimated taxable income | % of tax required to be paid | Required cumulative payment | Prior cumulative payment | Required estimated tax payment | |
| 1st quarter | 1,000,000 | 12/3 = 4 | 4,000,000.00 | 1,360,000 | 25 | % | 340,000 | 0 | 340,000 |
| 2nd quarter | 1,000,000 | 12/3 = 4 | 4,000,000.00 | 1,360,000 | 50 | % | 680,000 | 340,000 | 340,000 |
| 3rd quarter | 1,600,000 | 12/6 = 2 | 3,200,000.00 | 1,088,000 | 75 | % | 816,000 | 680,000 | 136,000 |
| 4th quarter | 2,400,000 | 12/9 = 1.3333333 | 3,200,000 | 1,088,000 | 100 | % | 1,088,000 | 816,000 | 272,000 |
Calculations:
| (i) | (ii) | (iii) = (i*ii) | |
| Installment | Taxable income | Annualization factor | Annual estimated taxable income |
| 1st quarter | 1,000,000 | 12/3 = 4 | 4,000,000 |
| 2nd quarter | 1,000,000 | 12/3 = 4 | 4,000,000 |
| 3rd quarter | 1,600,000 | 12/6 = 2 | 3,200,000 |
| 4th quarter | 2,400,000 | 12/9 = 1.3333333 | 3,200,000 |
| (i) | (ii) | (iii) = (i*ii) | (iv) = (ii*iii) | (v) | (vi) = (iv - v) | |
| Installment | Annual estimated taxable income | Tax on estimated income (34%) | % of tax required to be paid | Required cumulative payment | Prior cumulative payment | Required estimated tax payment |
| 1st quarter | 4,000,000 | 1,360,000 | 25% | 340,000 | - | 340,000 |
| 2nd quarter | 4,000,000 | 1,360,000 | 50% | 680,000 | 340,000 | 340,000 |
| 3rd quarter | 3,200,000 | 1,088,000 | 75% | 816,000 | 680,000 | 136,000 |
| 4th quarter | 3,200,000 | 1,088,000 | 100% | 1,088,000 | 816,000 | 272,000 |
Add Answer to:
Saved Problem 5-52 (LO 5-3) For the current year, LNS corporation reported the following taxable income...
Problem 5-52 (LO 5-3) For the current year, LNS corporation reported the following taxable income at...
Problem 5-52 (LO 5-3) For the current year, LNS corporation reported the following taxable income at the end of its first second, and third quarters. points Quarter-End First Second Third Cumulative Taxable Income $ 1,000,000 1,600,000 2,400,000 Print 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...
For the current year, LNS corporation reported the following taxable income at the end of its...
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 $ 1,000,000 1,600,000 2,400,000 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...
Check my work For the current year, LNS corporation reported the following taxable income at the...
Check my work 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 $1,760,000 2,755,000 3,765,000 10 points eBook Hint Print 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...
Problem 5-50 (LO 5-3) [The following information applies to the questions displayed below.) Last year, TBA...
Problem 5-50 (LO 5-3) [The following information applies to the questions displayed below.) Last year, TBA Corporation, a calendar-year taxpayer, reported a tax liability of $100,000. TBA confidently anticipates a current-year tax liability of $240,000. What minimum estimated tax payments should TBA make for the first second, third, and fourth quarters, respectively (ignore the annualized income method), assuming the following: (Leave no answer blank. Enter zero if applicable. Input all your answers as positive numbers.) Problem 5-50 Part a a....
Required information Problem 5-50 (LO 5-3) The following information applies to the questions displayed below. Part...
Required information Problem 5-50 (LO 5-3) The following information applies to the questions displayed below. Part 1 of 2 Last year, TBA Corporation, a calendar-year taxpayer, reported a tax liability of $100,000. TBA confidently anticipates a current-year tax liability of $240,000. points What minimum estimated tax payments should TBA make for the first, second, third, and fourth quarters, respectively (ignore the annualized income method), assuming the following: (Leave no answer blank. Enter zero if applicable. Input all your answers as...
Required information Problem 5-50 (LO 5-3) /The following information applies to the questions displayed below.) Part...
Required information Problem 5-50 (LO 5-3) /The following information applies to the questions displayed below.) Part 2 of 2 Last year, TBA Corporation, a calendar-year taxpayer, reported a tax liability of $100,000. TBA confidently anticipates a current-year tax liability of $240,000. points What minimum estimated tax payments should TBA make for the first, second, third, and fourth quarters, respectively (ignore the annualized income method), assuming the following: (Leave no answer blank. Enter zero if applicable. Input all your answers as...
Problem 3-53 (LO. 5) Grouse Corporation, a calendar year C corporation, had taxable income of $1,400,000,...
Problem 3-53 (LO. 5) Grouse Corporation, a calendar year C corporation, had taxable income of $1,400,000, $1,200,000, and $700,000 for 2017, 2018, and 2019, respectively. Grouse has taxable income of $1,600,000 for 2020. What are Grouse Corporation's minimum required estimated tax payments for 2020? April 15, 2020: $ June 15, 2020: $ September 15,2020: $1 December 15, 2020: $ Total: $
Problem 3-53 (LO.5) Grouse Corporation, a calendar year corporation, had taxable income of $1,400,000, $1,200,000, and...
Problem 3-53 (LO.5) Grouse Corporation, a calendar year corporation, had taxable income of $1,400,000, $1,200,000, and $700,000 for 2017, 2018, and 2019, respectively. Grouse has taxable income of $1,600,000 for 2020. What are Grouse Corporation's minimum required estimated tax payments for 20207 April 15, 2020: 5 June 15, 2020: September 15,2020: S December 15, 202035 Total:
Brito Company, accrual basis, calendar year C corporation, had taxable income of $2,000,000 in 2017. After...
Brito Company, accrual basis, calendar year C corporation, had taxable income of $2,000,000 in 2017. After the first quarter estimated tax payment was made in 2018, Brito estimated that its 2018 taxable income would be $3,000,000. What is Brito Corporation's minimum required estimated tax payment for the second quarter of 2018 assuming the first quarter payment was based on 2017 taxable income? o $52,000 O $105,000 O $157,500 $210,000
The following information applies to the questions displayed below.] XYZ is a calendar-year corporation that began...
The following information applies to the questions displayed below.] XYZ is a calendar-year corporation that began business on January 1, 2017. For 2018, it reported the following information in its current-year audited income statement. Notes with important tax information are provided below. Exhibit 16-6. XYZ corp. Book Income Income statement For current year Revenue from sales $ 40,000,000 Cost of Goods Sold (27,000,000 ) Gross profit $ 13,000,000 Other income: Income from investment in corporate stock 300,000 1 Interest income...
Problem 5-52 (LO 5-3) For the current year, LNS corporation reported the following taxable income at the end of its first second, and third quarters. points Quarter-End First Second Third Cumulative Taxable Income $ 1,000,000 1,600,000 2,400,000 Print 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...
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 $ 1,000,000 1,600,000 2,400,000 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...
Check my work 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 $1,760,000 2,755,000 3,765,000 10 points eBook Hint Print 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...
Problem 5-50 (LO 5-3) [The following information applies to the questions displayed below.) Last year, TBA Corporation, a calendar-year taxpayer, reported a tax liability of $100,000. TBA confidently anticipates a current-year tax liability of $240,000. What minimum estimated tax payments should TBA make for the first second, third, and fourth quarters, respectively (ignore the annualized income method), assuming the following: (Leave no answer blank. Enter zero if applicable. Input all your answers as positive numbers.) Problem 5-50 Part a a....
Required information Problem 5-50 (LO 5-3) The following information applies to the questions displayed below. Part 1 of 2 Last year, TBA Corporation, a calendar-year taxpayer, reported a tax liability of $100,000. TBA confidently anticipates a current-year tax liability of $240,000. points What minimum estimated tax payments should TBA make for the first, second, third, and fourth quarters, respectively (ignore the annualized income method), assuming the following: (Leave no answer blank. Enter zero if applicable. Input all your answers as...
Required information Problem 5-50 (LO 5-3) /The following information applies to the questions displayed below.) Part 2 of 2 Last year, TBA Corporation, a calendar-year taxpayer, reported a tax liability of $100,000. TBA confidently anticipates a current-year tax liability of $240,000. points What minimum estimated tax payments should TBA make for the first, second, third, and fourth quarters, respectively (ignore the annualized income method), assuming the following: (Leave no answer blank. Enter zero if applicable. Input all your answers as...
Problem 3-53 (LO. 5) Grouse Corporation, a calendar year C corporation, had taxable income of $1,400,000, $1,200,000, and $700,000 for 2017, 2018, and 2019, respectively. Grouse has taxable income of $1,600,000 for 2020. What are Grouse Corporation's minimum required estimated tax payments for 2020? April 15, 2020: $ June 15, 2020: $ September 15,2020: $1 December 15, 2020: $ Total: $
Problem 3-53 (LO.5) Grouse Corporation, a calendar year corporation, had taxable income of $1,400,000, $1,200,000, and $700,000 for 2017, 2018, and 2019, respectively. Grouse has taxable income of $1,600,000 for 2020. What are Grouse Corporation's minimum required estimated tax payments for 20207 April 15, 2020: 5 June 15, 2020: September 15,2020: S December 15, 202035 Total:
Brito Company, accrual basis, calendar year C corporation, had taxable income of $2,000,000 in 2017. After the first quarter estimated tax payment was made in 2018, Brito estimated that its 2018 taxable income would be $3,000,000. What is Brito Corporation's minimum required estimated tax payment for the second quarter of 2018 assuming the first quarter payment was based on 2017 taxable income? o $52,000 O $105,000 O $157,500 $210,000
Most questions answered within 3 hours.
-
Industry: Telecommunications in India
Here, you need to discuss the sources of the growth pattern
and...
asked 11 minutes ago -
Hydrobromic acid
dissolves solid iron according to the followiaung reaction:
Fe(s)+2HBr(aq)→
FeBr2(aq)+ H2(g)
Part A. What...
asked 1 hour ago -
Verify the following vector identity in SPHERICAL
COORDINATES.
div(curl(A)) = 0
asked 3 hours ago -
The work function (Φ) for a metal is 7.50×10-19 J.
What is the longest wavelength (nm)...
asked 4 hours ago -
1. Would the following procedural changes cause the
calculated mass percent Ni2+ ion in Ni(NH3)nCl2 to...
asked 5 hours ago -
1. Why does the voltage of the capacitor vary with frequency?
where does this missing voltage...
asked 7 hours ago -
p p please write each step out clearly
3. A manager of a company is considering...
asked 5 hours ago -
On October 1, Ebony Ernst organized Ernst Consulting; on October
3, the owner contributed $83,540 in...
asked 7 hours ago -
A.)As an electron moves through a region of space, its speed
decreases from 9.60 × 106...
asked 7 hours ago -
In java with the netbeans program do:
Through object programming
Create a class "ContadorP", which is...
asked 7 hours ago -
Pattern Corporation acquired all of Science
Company's outstanding stock on January 1, 2016 for $600,000 cash....
asked 7 hours ago -
Here are all accounts Tyler Co. maintains.
Tax expenses $4,750
Common stocks $48,840
SG&A expenses $2,500...
asked 7 hours ago