Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months, $1,200 May 5: Received and paid electricity bill, $50 May 9: Received cash for meals served to customers, $320 May 14: Paid cash for kitchen equipment, $2,360 May 23: Served a banquet on account, $2,500 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $420 May 31: Recorded depreciation for May on kitchen equipment, $660

If Sweet Catering had recorded transactions using the Cash 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.

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.