Business & Finance Homework Help
Todd operates a business using the cash basis of accounting. At the end of last year, Todd was granted permission
Todd operates a business using the cash basis of accounting. At the end of last year, Todd was granted permission
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to switch his sales on account to the accrual method. Last year Todd made $428,000 of sales on account and $67,200 was uncollected at the end of the year. What is Todd’s §481 adjustment for this year?
Multiple Choice
- Increase expenses by $428,000.
- Increase expenses by $67,200.
- Increase income by $428,000.
- Todd has no §481 adjustment this year.
- Increase income by $16,800.
