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What is net income for May

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

Provided $550 of piano lessons to students who paid in cash.

Provided $420 of piano lessons on account.

Collected $315 from students who took piano lessons during April.

Paid April's piano rental bill of $200.

Received May's piano rental bill of $250 and set it aside for payment in June.

Required - Assuming that the company uses cash basis accounting, what is net income for May?

Reference no: EM132669283

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