Todd operates a business using the cash basis of accounting. At the end of last year, Todd was granted permission

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Todd operates a business using the cash basis of accounting. At the end of last year, Todd was granted permission

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.

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