### Calculate nates net profit using the cash method

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##### Reference no: EM13753931

James owns an insurance agency. The following selected data are taken from the agency balance sheet and income statement prepared using the accrual method.

Revenue \$250,000

Salaries and commisions \$100,000

Rent \$10,000

Insurance \$5,000

Utilities \$6,000

Accounts Receivable 1/1/2014 \$40,000

Accounts Receivable 12/31/2014 \$38,000

Accounts Payable 1/1/2014 \$12,000

Accounts Payable 12/31/2014 \$11,000

Calculate Nate's net profit using the cash method for 2014.

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