Provided $1,350 of piano lessons to students who paid in cash. Provided $1,060 of piano lessons on account. Collected $795 from students who took piano lessons during April. Paid April’s piano rental bill of $600.Received May’s piano rental bill of $650 and set it aside for payment in June. Assuming the company uses accrual basis accounting, what is net income for May?Multiple Choice

$1760

Explanation:

If the company uses accrual basis accounting, the net income will be calculated as:

Cash received for lessons = $1,350

Add: Lessons provided on account = $1,060

Less: Rental bill for may = $(650)

Net income = $1350 + $1060 - $650

= $1760

The net income is $1760

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