The following financial statements were prepared at the end of the month of May: TOPS IN TOPIARY - INCOME STATEMENT FOR

[answerhappygod]

The following financial statements were prepared at the end of
the month of May:
TOPS IN TOPIARY - INCOME STATEMENT FOR the month of May
TOPS IN TOPIARY - STATEMENT OF OWNER'S EQUITY FOR the month of
MAY
TOPS IN TOPIARY - BALANCE SHEET AS OF MAY 31
During June the following transactions occurred:
1) Paid the helper the $200 owed from works done in May (the
amount owed is in Accounts Payable).
2) Completed the job for which the customer paid $200 in May.
Tops in Topiary collected $1,000 in cash once finished.
3) Paid $500 for the rent of July.
4) At the end of June notices that there are no supplies left.
Makes a note to buy some in July.
5) At the end of June notices that there are few flyers left
(used for advertising) worth $100 and decides to order some for
July. Before ordering, the printer (supplier of flyers) asks to be
paid $500 of the amount owed for the flyers done in May. Tops in
Topiary pays $500.
6) In June collected in cash $3,000 for 3 jobs are done for a
total of $4,200, the rest is owed in account by the
customers.
7) In June decided to start depreciating the equipment bought
for $360 that is expected to last for 3 years.
8) In June 23rd Edward Scissorhands withdrew
some cash for personal reasons ($3,000).
Prepare "T" Accounts in ACCRUAL Basis for the period ended on
June 30th and then answer the question.
At the end of the accounting period (June 30th, T
account after AJE), what is the Net income/Net Loss?
Multiple Choice
Between $3,000 and $3,999
Between $4,500 and $5,000
Between $4,000 and $4,499
more than $5,000
less than $3,000