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Is els allowed to use the cash method of accounting

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ELS Corporation reported gross receipts for 2016-2018 for scenarios A, B, and C as follows:

Year of Existence              Scenario A             Scenario B               Scenario C

2016                                  $25,000,000          $24,000,000        $26,500,000

2017                                $26,000,000            $26,000,000          $26,000,000

2018                                   $26,900,000           $28,500,000          $25,500,000

Problem 1: Is ELS allowed to use the cash method of accounting in 2019 under Scenario A?

Problem 2: Is ELS allowed to use the cash method of accounting in 2019 under Scenario B?

Problem 3: Is ELS allowed to use the cash method of accounting in 2019 under Scenario C?

Reference no: EM132766009

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