30 May Use the following information for JKEB Corporation to complete pages 1 through 3 of the 2011 Form 1120.
Use the following link to 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.
| 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 |
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