Sandra Owns an Insurance Agency

Essay

Sandra 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 commissions 100,000 Rent 10,000 Insurance 5,000 Utilities 6,000 Accounts receivable,1/1/2015 40,000 Accounts receivable,12/31/2015 38,000 Accounts payable,1/1/2015 12,000 Accounts payable,12/31/2015 11,000 Calculate Sandra's net profit using the cash method for 2015.