Assignment:
Use the following information for JKEB Corporation to complete pages 1 through 3 of the 2011 Form 1120.
Address: 1994 Lincoln St, Township, FL 34691
Employer Identification Number: 98- 325465
Date Incorporated: 01-01-11
Accounting Method: Accrual
Determine the principal business activity code:
JKEB Corporation's activities are focused more on sporting goods than apparel. They are not a subsidiary of another corporation and no entity owns more than 20% of JKEB Inc.
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Total Assets
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$2,250,000
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Total Receipts/Sales
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$3,750,000
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Returns and Allowances
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$187,500
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Cost of Goods Sold
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$950,000
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Dividends from less than 20% owned investees
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$300,000
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Dividends from 20% or more owned investees
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$15,000
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Interest
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$5,000
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Income from store vending machines
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$1,500
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Salaries and Wages
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$150,000
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Bad Debts
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$12,500
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Rent
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$40,000
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Charitable contributions during 2011
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$2,000
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Advertising
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$5,000
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Repairs
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$2,750
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Tax Deposits during 2011
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$10,000
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