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Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months, $1,800 May 5: Received and paid electricity bill, $210 May 9: Received cash for meals served to customers, $250

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Sweet Catering completed the following selected transactions during May

2016:

  • May 1: Prepaid rent for three months, $1,800
  • May 5: Received and paid electricity bill, $210
  • May 9: Received cash for meals served to customers, $250
  • May 14: Paid cash for kitchen equipment, $2,160
  • May 23: Served a banquet on account, $2,630
  • May 31: Made the adjusting entry for rent (from May 1).
  • May 31: Accrued salary expense, $3,980
  • May 31: Recorded depreciation for May on kitchen equipment, $250

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.

 
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