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...

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.

Question:Pat's Custom Tuxedo Shop maintains its records on the cash basis. During this past yearPat's collected $42,000 in tailoring fees, and paid $14,000 in expenses. Depreciation expense...