Tom, a cash basis sole proprietor, provides the following information: Gross receipts $30,000 Dividend income (on personal investments) 200 Cost of sales 15,400 Other operating expenses 3,000 State business taxes paid 300 What amount should Tom report as net profits from his business? a.$11,400 b.$10,900 c.$11,300 d.$14,400 e.None of these choices are correct.

Tom, a cash basis sole proprietor, provides the following information: Gross receipts $30,000 Dividend income (on personal investments) 200 Cost of sales 15,400 Other operating expenses 3,000 State...

Tom, a cash basis sole proprietor, provides the following information:

Gross receipts	$30,000
Dividend income (on personal investments)	200
Cost of sales	15,400
Other operating expenses	3,000
State business taxes paid	300

What amount should Tom report as net profits from his business?

a.$11,400

b.$10,900

c.$11,300

d.$14,400

e.None of these choices are correct.

Jun 03, 2022

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