Required information The following information applies to the questions displayed below.) Flores Cooking School operations for the month of May are summarized in the following three transactions: Provided $1,150 of instruction to students. . Of the $1,150 of instruction provided in May, $900 is collected in cash, and an additional $675 is collected for lessons provided in April. Paid an equipment rental bill of $500. Received May's bill of $550 but did not pay. . What is Flores' Net Income for May using the cash basis of accounting? Multiple Choice $2,075 $600 $675 $1,075