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Smitty operates a roof repair business. This year Smitty's business generated cash receipts of $32,000...

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Accounting

Smitty operates a roof repair business. This year Smitty's business generated cash receipts of $32,000 and Smitty made the following expenditures associated with his business: 1) advertising $500, 2) car and truck expenses $1,360, 3) depreciation $3,200, and 4) employee compensation $5,000. What net income should Smitty report from his business as he is on the cash method and uses a calendar year-end.

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