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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.)

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.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 Cumulative Taxable Income $1,440,000 2,365,000 3,630,000 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.) Installment First quarter $ 1.440.000 Second quarter S 1,440,000 Third quarter $ 2,365,000 Fourth quarter $ 3,630,000 Taxable income Annualization Factor Annual Estimated Taxable Income $ 4 $ 2 $ 1.3333333 $ 5,760,000 5,760,000 4,730,000 4,840,000 Tax on estimated taxable income Percentage of Tax Required To Be Paid 25 % 50 % 75 % 100% Required Cumulative Payment $ $ $ $ 0 0 0 0 Prior Required Cumulative Estimated Tax Payments Payment
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 $1,440,000 2,365,000 3,630,000 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.) Installment First quarter $ 1.440.000 Second quarter S 1,440,000 Third quarter $ 2,365,000 Fourth quarter $ 3,630,000 Taxable income Annualization Factor Annual Estimated Taxable Income $ 4 $ 2 $ 1.3333333 $ 5,760,000 5,760,000 4,730,000 4,840,000 Tax on estimated taxable income Percentage of Tax Required To Be Paid 25 % 50 % 75 % 100% Required Cumulative Payment $ $ $ $ 0 0 0 0 Prior Required Cumulative Estimated Tax Payments Payment
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