le Edit View History Bookmarks Window Help openvellum.ecollege.com Sweet Caterin

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le Edit View History Bookmarks Window Help openvellum.ecollege.com Sweet Catering completed the following selected transactions during May 2016: cO May 1: Prepaid rent for three months, $1,200 May 5: Received and paid electricity bill, $210 May 9: Received cash for meals served to customers, $2,360 May 14: Paid cash for kitchen equipment, $2,800 May 23: Served a banquet on account, $2,620 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $2,660 May 31: Recorded depreciation for May on kitchen equipment, $780 ork /Test f 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 C RESET Incorrect. Try reviewing the Hint to better understand the CHECK ANSWER 30 4 6

Explanation / Answer

Income Statement (Cash Method) Particulars Amount Sales of Meals 2360 Less: Rent 1200 Less: Electricity Bill 210 Less: equipment Purchase 2800 Income -1850 Income Statement (Accrual Method) Particulars Amount Sales of Meals 2360 Service of Banquet 2620 Total Revenue 4980 Less: Electricity Bill 210 Less: Rent (1200 / 3) 400 Less: Salary 2660 Less: Depreciation 780 Income 930

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