For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters.Quarter-EndFirstSecondThirdInstallmentCumulativeTaxable Income$1,000,0001,600,0002,400,000What are LNS's minimum first, second, third, and fourth quarter estimated tax payments determined using the annualized incomemethod? (Enter all amounts as positive values. Leave no answer blank. Enter zero if applicable. Round "Annualization Factor" forFourth quarter to 7 places. Round other intermediate computations and final answers to the nearest whole dollar amount.)First quarterSecond quarterThird quarterFourth quarterTaxable AnnualizationIncomeFactor$1,000,0001,000,0001,600,0002,400,000AnnualEst.TaxableIncome$4,000,0004 $4,000,0002 $3,200,0001.3300000 $3,192,000Answer is complete but not entirely correct.Tax onEstimatedTaxableIncome4$1,360,0001,360,0001,088,0001,088,000$$XPercentage of TaxRequired to bePaid25 %50 %75 %100 %RequiredCumulativePayment$ 340,000680,000816,000$ 1,088,000$$RequiredEstimatedTaxPayment0$ 340,000PriorCumulativePayments$$ 340,000$ 680,000$ 816,000340,000 $340,000 X$ 136,000$ 272,000$x

Taxable income comprises all forms of remuneration, whether cash or services, as well as property.…

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 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.) Cumulative Taxable Income $1,000,000 1,600,000 2,400,000 First quarter Second quarter Third quarter Fourth quarter Taxable Income $ 1,000,000 $ 1,000,000 1,600,000 $ 2,400,000 $ Annual Est. Taxable Income 4 $4,000,000 Annualization Factor Answer is complete but not entirely correct. Tax on Estimated Taxable Income 4 2 $4,000,000 $3,200,000 1.3300000 $3,192,000 $ 1,360,000 1,360,000 1,088,000 1,088,000 Percentage of Tax Required to be Paid Required Estimated Required Cumulative Payment Tax Payment 0$ 340,000 $ 340,000 $ 340,000 $ 340.000 680,000 816,000 $ 680,000 $ 136,000 272,000 25 % 50 % $ 75 % $ 100 % $ 1,088,000 Prior Cumulative Payments $ $ 816,000

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 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.) Cumulative Taxable Income $1,000,000 1,600,000 2,400,000 First quarter Second quarter Third quarter Fourth quarter Taxable Income $ 1,000,000 $ 1,000,000 1,600,000 $ 2,400,000 $ Annual Est. Taxable Income 4 $4,000,000 Annualization Factor Answer is complete but not entirely correct. Tax on Estimated Taxable Income 4 2 $4,000,000 $3,200,000 1.3300000 $3,192,000 $ 1,360,000 1,360,000 1,088,000 1,088,000 Percentage of Tax Required to be Paid Required Estimated Required Cumulative Payment Tax Payment 0$ 340,000 $ 340,000 $ 340,000 $ 340.000 680,000 816,000 $ 680,000 $ 136,000 272,000 25 % 50 % $ 75 % $ 100 % $ 1,088,000 Prior Cumulative Payments $ $ 816,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Eight Independent situations are described below. Each involves future deductible amounts and/or future taxable amounts: 1. 2. 3. 5. 6. 7. 2 The Income Statement Revenue 3 4 5 6 7 8 ($ in millions) Temporary Differences Reported First on: The Tax Return $24 19 19 19 Expense $24 Situations Taxable Income 1 24 24 24 24 Revenue $24 19 9 Expense Required: For each situation, determine taxable income, assuming pretax accounting income is $140 million. (Enter your answers in millions (I.e., 10,000,000 should be entered as 10).) $24 14 14
6
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $ 300,000 Permanent difference (15,000 ) 285,000 Temporary difference-depreciation (20,000 ) Taxable income $ 265,000 Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as its deferred income tax liability as of the end of its first year of operations?
Accounting income or loss for Aberdeen Corporation, following IFRS, is below: Year Accounting income/(loss) Tax rate percent Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 $160,000 250,000 80,000 (160,000) (380,000) 130,000 145,000 30 30 25 25 25 25 25 Assume that there were no permanent or temporary differences between accounting and taxable income. Required Prepare the tax-related journal entries for Year 3 to Year 7. Aberdeen Corporation believes that it will be able to use any loss carryforward in future years. Aberdeen Corporation will apply the available carryback provisions to the earliest years first. Include your calculations.
At the beginning of 2021, Pitman Co. had pretax financial income of $1,200,000. Additionally, there was a timing difference of $300,000 due to an accounts receivable that will not be collected until the following year. The tax rate us 30%. A. Calculate the total taxable income for 2021. B. Calculate Income tax expense, income tax payable, and the deferred amount for 2021, and create the journal entry.
Do not give answer in image and hand writing
Beaver Dam Inc. (BDI) listed the following items to prepare a reconciliation between book and taxable income. GAAP net income before tax $700,000 Meal and entertainment expense 100,000 GAAP depreciation expense 110,000 Depreciation expense for tax purposes 120,000 c. Compute the net increase in BDI’s deferred tax assets or deferred tax liabilities for the year. d. Prepare the journal entry to record taxes for the year.
Sherrod, Inc., reported pretax accounting income of $70 million for 2021. The following information relates to differences between pretax accounting income and taxable income: Income from installment sales of properties included in pretax accounting income in 2021 exceeded that reported for tax purposes by $4 million. The installment receivable account at year-end 2021 had a balance of $6 million (representing portions of 2020 and 2021 installment sales), expected to be collected equally in 2022 and 2023. Sherrod was assessed a penalty of $1 million by the Environmental Protection Agency for violation of a federal law in 2021. The fine is to be paid in equal amounts in 2021 and 2022. Sherrod rents its operating facilities but owns one asset acquired in 2020 at a cost of $60 million. Depreciation is reported by the straight-line method, assuming a four-year useful life. On the tax return, deductions for depreciation will be more than straight-line depreciation the first two years but…
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?
Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Queno Company had FUTA taxable wages of $510,900 during the year. Determine its: (Round your answers to two decimal places.) a. gross FUTA tax $fill in the blank 1.b. FUTA tax credits (assuming no penalties) $fill in the blank 2.c. net FUTA tax $fill in the blank 3.
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.
Help me