Determine the principal business activity code

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Reference no: EM131200680

Tax Return

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 following link to determine the principal business activity code:

• IRS Form 1120- https://www.irs.gov/pub/irs-pdf/i1120.pdf

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.

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

Reference no: EM131200680

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