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.

Reference no: EM13753931

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