[Answered] Pat’s Custom Tuxedo Shop maintains its records on the cash basis. During this past year Pat’s collected $42,800 in tailoring

Pat’s Custom Tuxedo Shop maintains its records on the cash basis. During this past year Pat’s collected $42,800 in tailoring fees, and paid $13,300 in expenses. Depreciation expense totaled $1,700. Accounts receivable increased $1,250, supplies increased $4,900, and accrued liabilities increased $2,000. Pat’s accrual-basis net income was:

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