Use the cash method of accounting

Assignment Help Financial Accounting

Reference no: EM131247489

Which of the following entities may not use the cash method of accounting?

A) A partnership with average annual gross receipts in excess of $5 million.

B) A C corporation whose average annual gross receipts for the preceding 3 taxable years do not exceed $5 million.

C) A C corporation that is substantially owned by its employees and whose business is selling goods with annual gross receipts in excess of $5 million for all tax years since its inception.

D) An S corporation.

Explain your answer

Reference no: EM131247489

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