Homework Answers
Cash method of accounting is allowed for small businesses(including partnerships and corporations) that have average annual gross receipts of $25 million or less during preceding 3 years. This is the limit for the year 2018. For 2019, this limit has been increased to $26 million.
Therefore, if the question if of the year 2018, then Year 5 is the correct answer i.e. (26.50+26.00+24)/3 =25.50 million and if the question is of the year 2019, then Year 6 is the correct answer i.e. (27.00+26.50+26.00)/3 = 26.50 million
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