Compute corporations quarterly income tax expense for the four quarters: ...
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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% |
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| 4th quarter 27% |
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| QUARTER |
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| 1st | 2nd | 3rd | 4th |
| Corps quarterly net income | $50,000 | $150,000 | $100,000 | $120,000 |
| Income tax expense |
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