Problem
Sweet Catering completed the following selected transactions during May 2016:
May 1: Prepaid rent for three months, $1,500
May 5: Received and paid electricity bill, $210
May 9: Received cash for meals served to customers, $200
May 14: Paid cash for kitchen equipment, $2,080
May 23: Served a banquet on account, $2,090
May 31: Made the adjusting entry for rent (from May 1).
May 31: Accrued salary expense, $1,300
May 31: Recorded depreciation for May on kitchen equipment, $90
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.