Tom, 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
What amount should Tom report as net earnings from self-employment?
A. $10,900
B. $11,300
C. $11,400
D. $14,400
E. None of the above
Answer: B
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What will be an ideal response?