Please answer the questions in full from. Gather data from the IRS website.Department of Economics
San Francisco State University
Internet Exercise 1: Business Establishments
(Due: Wednesday, February 17)
Economics 520/820
**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
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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 in how the data is reported. 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 Statistical Tables, look for “Business Receipts, Selected
Deductions……” . Click on the 2017 tax year. This will download an excel spreadsheet with the data and
you should focus on the first two columns.
a) In 2017, how many total nonfarm sole-proprietorships were there (all nonfarm industries)?
b) In 2017, which 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 2017, what were total business receipts for all nonfarm sole-proprietorship industries?
d) In 2017, which industry 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 2017.
a) In 2017, how many partnershps were there (all industries)?
b) In 2017, which sector had the largest number of partnerships? Compute the percentage of the total
number all partnerships that this sector accounted for.
c) In 2017, what were total business receipts for all partnerships (all industries)?
d) In 2017, 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 2017.
a) In 2017, how many corporations were there? (total returns- all active corporations)
b) 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 2017, what were total business receipts for all active corporations? (look at business receipts, not
total receipts).
d) In 2017, which industry 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 2017
b) The total value of business receipts in 2017.
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 was Walmart’s net income for fiscal year ending 10/31/2020? 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, go to the U.S. Census Bureau’s Population and Housing
Units Estimates site at http://www.census.gov/programs-surveys/popest.html Navigate the site to find the
estimated 2019 populations of the U.S. states.
a) Does the number of WalMart employees exceed the population of any states? If so, which ones?
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 (referring to at least one issue concerning theory of the firm addressed
in lecture) .
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