Picasso Art School's operating activities for the month of February are summarized in the following transactions: 1.Provided $1,500 of instructional lessons.
2)Received $2,100 cash from students-of which $1,200 is for lessons provided in February,and $900 is for lessons provided in January.
3)Paid January's rental bill of $300.Received February's bill of $450 but did not pay.
Determine Picasso Art School's Net Income for February using the cash basis of accounting?

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The Answer of Picasso Art School's operating activities for the month of February are summarized in the following transactions: 1.Provided $1,500 of instructional lessons.
2)Received $2,100 cash from students-of which $1,200 is for lessons provided in February,and $900 is for lessons provided in January.
3)Paid January's rental bill of $300.Received February's bill of $450 but did not pay.
Determine Picasso Art School's Net Income for February using the cash basis of accounting?

Picasso Art School's Operating Activities for the Month of February