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Xelga [282]
2 years ago
15

Pat's Custom Tuxedo Shop maintains its records on the cash basis. During this past year Pat's collected $42,900 in tailoring fee

s, and paid $12,800 in expenses. Depreciation expense totaled $1900. Accounts receivable increased $1200, supplies increased $3600, and accrued liabilities increased $1650. Pat's accrual-basis net income was:
Business
1 answer:
iris [78.8K]2 years ago
7 0

Answer:

$31,350

Explanation:

Calculation for Pat's accrual-basis net income

Cash receipts$42,900

Less Cash disbursements(12,800)

Cash basis net income 30,100

Less depreciation expense(1,900)

Add increase in accounts receivable1,200

Add increase in supplies 3,600

Less increase in accrued liabilities(1,650)

Accrual-basis net income$31,350

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