Drake Software Evaluation Guide

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1 2 2 | B u s i n e s s R e t u r n 2 0 0 8 D R A K E S O F T W A R ESCHEDULE K – OTHER INFORMATIONTo open the Schedule K - Other Information screen, type K in the selector field and pressENTER.See Figure 71 below. Enter the following data.Accounting methodFieldsPrinciple business code (Press CTRL + SHIFT+ Sto locate the floor covering stores code)Business activityProduct or serviceEnter the number of shareholders at the end oftax year if 100 or fewerAre the corporation total receipts for the tax yearAND its total assets at the end of the tax yearless than $250,000?Accrual442210FlooringFlooring1NoDataFigure 71: Schedule K - Other Information___NOTEThe Schedule K has lines for both the 1120C and 1120. If the corporation isa cooperative, enter information on the 20C 1120-C CooperativeAssociations screen. The line numbers on the Schedule K screen wouldthen correspond to the 1120C. This return is an 1120 so the line numberscorrespond to an 1120 return.Drake Software Evaluation GuideCopyrighted Material
2 0 0 8 D R A K E S O F T W A R E B u s i n e s s R e t u r n | 1 2 3Press PAGE DOWN to access the Schedule K4 (Schedule K, Lines 4a and 4b) entry screen.See Figure 72 below. In line 4b, enter:• Name of the Individual — Joe Wood• ID# — 4000005999• Country of Citizenship — US• Percentage owned in voting stock — 100• and indicate that Joe is an individual.Figure 72: Schedule K - Line 4bPress ESC to return to the Data Entry Menu.SCHEDULE L – BALANCE SHEETS – ASSETSTo open the Schedule L - Balance Sheet - Assets screen, type L in the selector field and pressENTER. See Figure 73 on page 124. Enter the following data:Fields Beginning (a) Beginning (b)End of Year(c)Cash 60,145 75344Trade notes & accountsreceivable23,555 94,419Tax-exempt securities 25,471 59,823Loans to shareholders 9,455 5,630End of Year(d)Copyrighted MaterialDrake Software Evaluation Guide
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Drake Software Evaluation Guide

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