If this is a true/false question, the answer is FALSE.
It is consumers' responsibility to report fraud when it occurs.
Answer:
A home improvement store that just began business last year and had $2.7 million in gross receipts.
Explanation:
The IRS allows only a limited number of businesses to use cash basis accounting and in order to do so, the business must be:
- Partnership or C corporation with less than $5 million in total sales revenue per year
- Sole proprietorship or S corporation with less than $1 million in total sales revenue
- Cannot be a publicly traded corporation
- Personal service businesses with more than 95% of revenue specifically related to services.
- Family owned farms with total annual sales revenue less than $25 million.
Answer: George Washington
Explanation: He was a founding father of the U.S, establishing his importance in history and earning a place on the U.S currency.
