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How much net income would have recorded for month of may

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Reference no: EM132988472

Sweet Catering completed the following selected transactions during May 2016:

May 1: Prepaid rent for three months, $1,800
May 5: Received and paid electricity bill, $220
May 9: Received cash for meals served to customers, $1,710
May 14: Paid cash for kitchen equipment, $3,750
May 23: Served a banquet on account, $1,620
May 31: Made the adjusting entry for rent (from May 1).
May 31: Accrued salary expense, $3,450
May 31: Recorded depreciation for May on kitchen equipment, $680

Problem 1: If Sweet Catering had recorded transactions using the Cash method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign.

Problem 2: If Sweet Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign.

Reference no: EM132988472

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