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Fidn what is net income for may

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Melody's Piano School operations... Provided $750 of piano lessons to students who paid in cash.

Melody's Piano School operations for the month of May were limited to the following transactions:

Provided $580 of piano lessons on account.
Collected $435 from students who took piano lessons during April.
Paid April's piano rental bill of $300.
Received May's piano rental bill of $350 and set it aside for payment in June.

Problem 1: Assuming that the company uses cash basis accounting, what is net income for May?

Multiple Choice

Option 1: $980
Option 2: $885
Option 3: $435
Option 4: $1,315

Reference no: EM132717823

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