(Answered) Problema cash-basis sole proprietor had the following cash

Accounting

Problem

A cash-basis sole proprietor had the following cash receipts and disbursement for the year:

Net sales $80,000

Cost of goods sold 40,000

Operating expenses 20,000

Employee payroll taxes 3,000

Dividend income 900

Interest income from a personal savings account 200

What is the amount of reported net profit reported on Schedule C?

a. $20,000

b. $40,000

c. $17,000

d. $15,000

e. $18,000

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