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How much net income would they have recorded

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Question - Sweet Catering completed the following selected transactions during May 2016:

May 1: Prepaid rent for three months, $3,000.

May 5: Received and paid electricity bill, $180.

May 9: Received cash for meals served to customers, $380.

May 14: Paid cash for kitchen equipment, $2,800.

May 23: Served a banquet on account, $2,010.

May 31: Made the adjusting entry for rent (from May 1).

May 31: Accrued salary expense, $2,280.

May 31: Recorded depreciation for May on kitchen equipment, $340.

Required - If Sweet Catering had recorded transactions using the Cash method, how much net income (loss) would they have recorded for the month of May?

Reference no: EM132535506

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