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Business, 16.03.2020 23:47 MadisonElle

In 2020, Wimer Corporation, a service business, no longer qualifies as a small business. Thus, it must change from the cash to the accrual method starting with its 2020 tax year.. At the beginning of 2020, Wimer had accounts receivable of $575,000. Also, Wimer had accounts payable of $345,000. Determine the adjustment to income due to the change in accounting method and the amount that is allocated to 2020.

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In 2020, Wimer Corporation, a service business, no longer qualifies as a small business. Thus, it mu...

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