(Answered) Ivy inc began operations on april 1 2014 with an initial

Accounting

Ivy, Inc. began operations on April 1, 2014 with an initial cash investment of $1,000. Ivy provided servicestotaling $3,200 in April and received full payment in May. Expenses of $1,500 were incurred in April but notpaid until June. During May, Ivy withdrew $500 from the business. Calculate Ivy's net income for the two months ended May 31, 2014 under (a) cash basis and (b) accrual basis.

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