Business Income What is the total receipts, expenses and net profit of Magdalena's photography business? Multiple Choice Gross Receipts: $4,820 Expenses: $1,680 Net Profit: $3,140 Gross Receipts: $6,500 Total Expenses: $1,680 Net Profit: $4,820 Gross Receipts: $5,600 Expenses: $1,680 Net Profit: $3,820 Gross Receipts: $6,500 Total Expenses: $4,820 Net Profit: $1,680 On January 1, 2019 (the prior year), Magdalena started a photography business in which she takes bridal and wedding photographs. She does not do any of the professional printing. However, she provides all the digital files to her clients on a password-protected web site as part of her service. This unique service, along with her skill and reputation, has allowed her to earn additional money on the weekends, primarily in the summer, to help support her daughter in college. Magdalena rents all the camera equipment and does not currently own any equipment herself. The photography business uses the cash method of accounting. The business did not have any obligation to file a Form 1099 to any payee during the year. Magdalena reported the following revenue and expenses for her business this year: Gross Revenue Photographic supplies Camera rental Web site hosting fee $6,500 $ 430 $1,050 $ 200