Use the following information for JKEB Corporation to complete pages 1 through 3 of the 2011 Form 1120. The final return is due in week five.
Address: 1994 Lincoln St, Township, FL 34691
Employer Identification Number: 98- 325465
Date Incorporated: 01-01-11
Accounting Method: Accrual
Use the PDF attachment for 1120 Principle Business Activity Code to determine which code this business falls under.
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.
FINANCIALS
Total Assets $2,250,000
Total Receipts/Sales $3,750,000
Returns and Allowances $187,500
Cost of Goods Sold $950,000
Dividends from less than 20% owned investees $300,000
Dividends from 20% or more owned investees $15,000
Interest $5,000
Income from store vending machines $1,500
Salaries and Wages $150,000
Bad Debts $12,500
Rent $40,000
Charitable contributions during 2011 $2,000
Advertising $5,000
Repairs $2,750
Tax Deposits during 2011 $10,000