Pat's Custom Tuxedo Shop maintains its records on the cash basis. During this past year...
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Accounting
Pat's Custom Tuxedo Shop maintains its records on the cash basis. During this past year Pat's collected $42,400 in tailoring fees, and paid $13,200 in expenses. Depreciation expense totaled $2,700. Accounts receivable increased $1,150, supplies increased $3,000, and accrued liabilities increased $2,100. Pat's accrual basis net income was:
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