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Pat's Custom Tuxedo Shop maintains its records on the cash basis. During this past year Pat's collected $42,000 in tailoring fees, and paid $14,000 in expenses. Depreciation expense totaled $2,000. Accounts receivable increased $1,500, supplies increased $4,000, and accrued liabilities increased $2,500. Pat's accrual basis net income would be:

A. $18,000.

B. $34,000.

C. $23,000.

D. $29,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M986911

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