Max Company had the following transactions during the month of May:

• Performed $300 of services for customers, $100 was on account with the remainder of the payment received in cash;
• Purchased $68 of equipment with cash (ignore depreciation expense);
• Paid $120 to suppliers in cash, $40 was to pay outstanding accounts payable (from prior periods) and the rest was for current period (i.e., May) expenses;
• Received $30 from customers for services performed in April.

Assuming Max Company uses the accrual method of accounting, how much net income did Max report during May?