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Compute corporations quarterly income tax expense for the four quarters: ...

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Question

Accounting

Compute corporations quarterly income tax expense for the four quarters:

Account

TAX

GAAP

Effective tax rate

Est. revenue for year

$500,000

$550,000

1st quarter-you figure

Est. Expenses for year

$200,000

$150,000

2nd quarter 25%

Net Profit

$300,000

$400,000

3rd quarter 28%

Income tax-tax rate of 30%

4th quarter 27%

QUARTER

1st

2nd

3rd

4th

Corps quarterly net income

$50,000

$150,000

$100,000

$120,000

Income tax expense

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