Which of the following businesses can use the cash method?
I.Hateris Group is a partnership with three equal partners, of which one is Hillard Corporation. Average revenues for Hateris Group, a financial planning firm, over the last three years are $4,000,000.II.Glidder Corporation, a clothing retailer, whose average annual sales over the last three years are $35,000,000?
A. Only statement I is correct.
B. Only statement II is correct.
C. Both statements are correct.
D. Neither statement is correct.
Answer: A
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