Question: Problem 16-59 (LO 16-3) (Algo) For the current year, LNS corporation reported the following taxable income at the end of its first, second, and

Problem 16-59 (LO 16-3) (Algo) 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 $ 1,120,000 2,105,000 3,450,000 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. Installment Taxable Income Annualization Factor Annual Estimated Taxable Income Tax on estimated Percentage of Tax Required Required Cumulative taxable To Be Paid Payment Prior Cumulative Payments Required Estimated Tax Payment income First quarter Second quarter $ 1,120,000 4 $ 4,480,000 25% $ 0 $ 0 $ 0 50 % $ 0 Third quarter $ 0 75 % $ 0 Fourth quarter $ 0 100 % $ 0

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Case: Replacement Decisions Falconville Pump Company, Inc. Brandon Joiner, president and chief executive officer of Falconville Pump Company, Inc., has a potentially serious problem on his hands. The...

For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. What are LNSs minimum first, second, third, and fourth quarter...

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 $ 1,960,000 Second...

For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. What are LNSs minimum first, second, third, and fourth 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 $1,000,000...

For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. (Use Corporate Tax Rate Table.) Quarter-End Cumulative Taxable Income...

please show work.Assume a corporation has earnings before depreciation and taxes of$520,000, deprecation of $230,000, and a 30 percent tax bracket.Compute its cash flow using the following forma 2...

For the current year. LNS corporation reported the following taxable income at the end of its first second, and third quarters. Cumulative Quarter-End Taxable Income First $1,690, see Second 2,54e,...

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 $ 1,530,000...

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 Cumulative Taxable Income $1,980,000...

What are the advantages and disadvantages to sprint writing?

Find the Inverse Laplace Transform 3s a. L-1{- s+4s+13 15 b. L-1 (s+4s+13, s+1 c. L-1{2 s+6s+25,

What is the projected free cash flow of the company in 2 0 2 4 ? - $ 1 3 0 . 2 million $ 1 2 0 . 4 miltion $ 1 1 0 . 6 million $ 9 0 . 8 million

Encosta Memories is a small family photography business. The business has a good reputation for high-quality photos and enjoys long-standing arrangements with many schools for the provision of school...

Assume that there are no short-selling opportunities. Draw a graph of an efficient set for the above 2 assets and the variance of the portfolio. Expected return of the portfolio: E (R p ) = 12.1...

Direct materials and direct labor of a company total $6,000,000. If manufacturing overhead is $3,000,000, what is direct labor cost? $3,000,000 $6,000,000 $0 cannot be determined from the information...

Keener Incorporated had the following transactions occur involving current assets and current liabilities during February 2017. Feb. 3 Accounts receivable of $15,000 are collected. 7 Equipment is...

Why do you believe E-Centives chose not to raise public equity in the United States? What are the potential drawbacks related to the decision not raise capital in the U.S. public markets?

Tori and some other childeen experimented with balls to see which ones rolled. First using a piece of cardboard to use as a ramp, they angled it on a block to the floor to test the balls. Then Tori...

What is the present value of $1,000 two years from now, with an annual discount rate of 5 percent?

If the future value is given, what happens to the present value if the discount rate is close to zero? Can you identify a situation when that happened?

What is the annualized cost of $12,000 of computer equipment that lasts five years with an annual discount rate of 5 percent?