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Problem 1: Pats customs tuxedo shop maintains its records on the cash basis. During this year pats collected $44000 in tailoring fees and paid $12600 in expenses. Depreciation expenses totaled $2300. Accounts receivable increased $1000, supplies increased $4500 and accrued liabilities increased $2350. Pats accural-basis net income was:
1) $259502) $369503) $322504) $21250
The following transactions affected its merchandise inventory during the month of August 2013:
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