Vireo Corporation,a Calendar Year C Corporation,has Taxable Income of $1

question 108

Multiple Choice

Vireo Corporation,a calendar year C corporation,has taxable income of $1.3 million and $3 million for 2009 and 2010,respectively.The minimum 2010 estimated tax installment payments for Vireo are:

• A)April 15,2010,$110,500;June 15,2010,$110,500;September 15,2010,$110,500;December 15,2010,$110,500.
• B)April 15,2010,$110,500;June 15,2010,$399,500;September 15,2010,$399,500;December 15,2010,$399,500.
• C)April 15,2010,$110,500;June 15,2010,$399,500;September 15,2010,$255,000;December 15,2010,$255,000.
• D)April 15,2010,$255,000;June 15,2010,$255,000;September 15,2010,$255,000;December 15,2010,$255,000.
• E)None of the above.

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Definitions:

Stockholders' Equity Accounts

These accounts represent the owners' equity in a corporation, including common stock, retained earnings, and additional paid-in capital.

Net Income

The net income a corporation earns once all costs, taxes, and expenses are deducted from the total revenue.

Earnings Per Share

A measure of a company's profitability, calculated as net income divided by the number of outstanding shares of its common stock.

Dividends

Funds disbursed to members of a corporation, commonly sourced from the company's profits.