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In 2019, what was the value of business receipts for all nonfarm sole-proprietorship industries?

INSTRUCTIONS TO CANDIDATES
ANSWER ALL QUESTIONS

**You may work with others, but the work you submit must be strictly your own. Copying someone else's work will result in a score of zero for all. Your work must be typed, double-spaced with standard one-inch margins and twelve point font and uploaded within the Internet Exercise 1 assignment on iLearn**

 

How many corporations are there in the U.S.? What percentage of all business receipts were generated by corporations? Sole-proprietorships? You can find answers to these questions at the Internal Revenue Service Tax Statistics website at:

http://www.irs.gov/statistics

 

Notes: In answering the questions below, note that the number of firms is (approximately) the number of returns. Be mindful of the UNITS (e.g., thousands, millions, etc. - look at key on tables) of the data reported and in your answers. Any questions regarding industrial sectors are referring to the main broad sectors in bold, e.g., mining, utilities, manufacturing, etc.

 

1 Nonfarm Sole-Proprietorships. From the Tax Statistics main page, under Business Tax Statistics, click on

Nonfarm Sole-Proprietorships. Under the first section of Statistical Tables,“Business Receipts, Selected Deductions, Payroll, and Net Income,” click on the 2019 tax year. This will download an excel spreadsheet with the data and you should focus on the first two columns.

a) In 2019, how many total nonfarm sole-proprietorships were there (number of returns for all nonfarm industries)?

b) In 2019, which industrial sector had the largest number of non-farm sole-proprietorships? Compute the percentage of the total number all nonfarm sole-proprietorships that this sector accounted for.

c) In 2019, what was the value of business receipts for all nonfarm sole-proprietorship industries?

d) In 2019, which industrial sector had the highest value of business receipts? Compute the percentage of total nonfarm sole-proprietorship industry business receipts that this sector accounted for.

 

2. Partnershps. From the Tax Statistics main page, under Business Tax Statistics, click on Partnerships. Under

Statistical Tables, click on “By Sector or Industry.” Under Table 1: “All Partnerships: Total Assets, Trade or Business Income and Deductions. ”, click on tax year 2019.

a) In 2019, how many partnershps were there (all industries)?

b) In 2019, which sector had the largest number of partnerships? Compute the percentage of the total number all partnerships that this sector accounted for.

c) In 2019, what was the value of total business receipts (not total income) for all partnerships (all industries)?

d) In 2019, which industry sector had the highest value of total business receipts? Compute the percentage of total partnership business receipts that this sector accounted for.

 

3. Corporations. From the Tax Statistics main page, under Statistics of Income (SOI), click on SOI Products and

Services (do not click on Corporations under Business Tax Statistics). Under Periodic Publications, click on Corporation Complete Reports. Under Basic Tables - Returns of Active Corporations under Table 1 (Part 1 of 2) click on the year 2019.

a) In 2019, how many corporations were there? (total returns of active corporations)

b) In 2019, which sector had the largest number of corporations? Compute the percentage of the total number of all corporations that this sector accounted for.

c) In 2019, what were total business receipts for all active corporations? (look at business receipts, not total receipts).

d) In 2019, which sector had the highest value of business receipts? Compute the percentage of total active corporation business receipts that this sector accounted for.

 

4. From your answers to 1-3 above, compute the following:

a) The total number of business establishments in 2019

b) The total value of business receipts in 2019.

c) Perform any remaining computations necessary to complete the following: Corporations make up percentage of all firm types, but generate percentage of all business receipts. Nonfarm Sole- Proprietorships make up percentage of all firm types but generate percentage of all business receipts.

 

5. Now let's take a look at one corporation in particular: Walmart. For company specific data, Hoover's

 

and Mergent are two very useful sources. Both are accesible online for a fee. As an SFSU student, however, you can access both of them online for free via the library. We'll use Mergent. First, go to the Home Page of SFSU's J. Paul Leonard Library. Click on Databases (beneath the OneSearch Search box), scroll down to find Search Database Name and type in Mergent. Click on Mergent Online. In the company search field type in WMT then go to Walmart Inc. You will see a summary of information about Walmart and more detailed information is available using the tabs at the top of the page.

a) What is Walmart's net income (as of 07/31/2022)? Is this the same as economic profit? Explain why or why not.

b) How many Walmart shareholders are there?

c) Who are Walmart's top three competitiors (ranked by revenue)?

d) How many full–time employees does Walmart employ?

 

6. As a little follow-up to question 5d above, take a look at the U.S. Census Bureau's visual of the U.S. 2020 population by state at https://www.census.gov/library/visualizations/interactive/2020-population-and-housing-state- data.html You can scroll down the list of state rankings by population.

a) Does the number of WalMart employees exceed the population of any states? If so, how many and which ones? (if there are more than five, just list five).

b) In light of this, do you think it might be important to go beyond the standard economic treatment of a firm as a "black box”? That is, might it also be important to also study the internal structure and hierarchy within a firm itself? Briefly explain, where your answer must be restricted to and refer to material covered in lecture within the Theory of the Firm.

 

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