Introduction to cash method of accounting, Accounting Basics

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Introduction to cash method of accounting

Falcon Corporation, a C corporation, had gross receipts of $3 million in 2007, $7 million in 2008, and $6 million in 2009. Hawk Corporation, a personal service corporation (PSC), had gross receipts of $3 million in 2007, $5 million in 2008, and $4 million in 2009. Which of the corporations will be allowed to use the cash method of accounting in 2010?

a. Falcon corporation only

b. Hawk corporation only

c. Neither Falcon nor Hawk Corporations

d. Both Falcon Corporation and Hawk Corporation

e. None of the above

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Accounting Basics: Introduction to cash method of accounting

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Accounting Basics: Introduction to cash method of accounting

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Recent Questions Asked Accounting Basics

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Accounting Basics: Introduction to cash method of accounting

Reference No:- TGS088695

Recent Questions Asked Accounting Basics

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