In your business’s first year in operation you had sales totaling $40,000 and collected $30,000 fro

In your business’s first year in operation you had sales totaling $40,000 and collected $30,000 from your customers. You also incurred $20,000 in expenses but $5,000 of them will not be paid until the following year. Calculate your profit or loss under the cash and accrual basis methods.

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