Melody's piano 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 april’s piano rental bill of $500. received may’s bill of $550 but did not pay. what is melody's net income for may using the cash basis of accounting?

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

1) d 2) d 3) c 4) d 5) a 6) c 7) a 8) b 9) a 10) a 11) d 12) c 13) c 14) d 15) a 16) a 17) d 18) c 19) c 20) c