Smith operates a roof repair business. This year Smith's business generated cash receipts of $33,515 and Smith made the following expenditures associated with his business: (8 00:38 Advertising Car and truck expenses Depreciation Employee compensation Education $ 580 1,296 3,240 5.400 2,600 The education expense was for a two week, nighttime course in business management, Smith believes the expenditure should quality as an ordinary and necessary business expense. What net income should Smith report from his business? Smith is on the cash method and calendar year Essay Toot ation BIS EX .E. AA