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?
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