1. Sandra owns an insurance agency. The following selected data are taken from the agency balance sheet and income staternent prepared using the accrual method. Revenue Salaries and commissions Rent Insurance Utilities Accounts receivable, 1/1/2020 Accounts receivable, 12/31/2020 Accounts payable, 1/1/2020 Accounts payable, 12/31/2020 Calculate Sandra's net profit using the cash method for 2020. $250,000 100,000 10,000 5,000 6,000 40,000 38,000 12,000 11,000