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Kheng, a cash basis sole proprietor, provides the following information: Gross receipts $30,000 Dividend income (on personal investments) 200 Cost of sales 15,400 Other operating

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Kheng, a cash basis sole proprietor, provides the following information: Gross receipts $30,000 Dividend income (on personal investments) 200 Cost of sales 15,400 Other operating expenses 3,000 State business taxes paid 300 Show calculations for the amount that should Kheng report as net profits from his business

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