Melody's Piano School operations for the month of May are summarized in the following three transactions:

	Provided $450 of instruction to students.
	Of the $450 of instruction provided in May, $340 is collected in cash, and an additional $255 is collected for lessons provided in April.
	Paid Aprils piano rental bill of $150. Received Mays bill of $200 but did not pay.

What is Melody's Net Income for May using the cash basis of accounting?

$255

$250

$445

$745

What is Melody's Net Income for May using the accrual basis of accounting?

$255

$445

$745

$250