Sweet Catering completed the following selected transactions during May 2016: : May 5; Peceived and paid elecrty bil, 560 May 9: Received cash for meals served to customers, $2,940 May 14: Paid cash for kitchen equipment, $3,830 May 23: Served a banquet on account, $1,580 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $2,770 May 31: Recorded depreciation for May on kitchen equipment, $70If 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.
Sweet Catering completed the following selected transactions during May 2016: : May 5; Peceived and paid elecrty bil, 560 May 9: Received cash for meals served to customers, $2,940 May 14: Paid cash for kitchen equipment, $3,830 May 23: Served a banquet on account, $1,580 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $2,770 May 31: Recorded depreciation for May on kitchen equipment, $70If 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Sweet Catering completed the following selected transactions during May 2016:
: May 5; Peceived and paid elecrty bil, 560
- May 9: Received cash for meals served to customers, $2,940
- May 14: Paid cash for kitchen equipment, $3,830
- May 23: Served a banquet on account, $1,580
- May 31: Made the
adjusting entry for rent (from May 1). - May 31: Accrued salary expense, $2,770
- May 31: Recorded
depreciation for May on kitchen equipment, $70
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.
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