At Sam’s Swimming Pool Cleaning, Sam charges each of his 85 customers $25 per week for 52 weeks of service every year. Since pool cleaning is a service, it has no cost other than labor and supplies, which cost Sam $48,000 each year. Calculate Sam’s annual gross profit. A. $2,125 b. $4,420 c. $62,500 d. $110,500 Please select the best answer from the choices provided A B C D.

On september 1, 2016, steve loaned brett $2,000 at 12% interest compounded annually. steve is not in the business of lending money. the note stated that principal and interest would be due on august 31, 2018. in 2018, steve received $2,508.80 ($2,000 principal and $508.80 interest). steve uses the cash method of accounting. what amount must steve include in income on his income tax return?