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How much net income would they have recorded

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

May 1: Prepaid rent for three months, 52,400.

May 5: Received and paid electricity bill $160.

May 9: Received cash for meals served to customers $3,680.

May 14: Paid cash for kitchen equipment. $2,110.

May 23: Served a banquet on account. $1,760.

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

May 31: Accrued salary expense, $3,770.

May 31: Recorded depreciation for May on kitchen equipment $330.

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.

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: EM132615787

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