2. Hal Smith opened Smiths Management Company on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books:

1. Smith invested $10,000 cash in the business. 2. The company paid $5,200 for salaries for the month. 3. The company paid $1,600 cash to rent office space for the month. 4. Smith withdrew $5,000 for his personal use from the company. 5. The company received $19,000 cash for management services provided during March. 6. The company provided $12,000 of management services to customers on account. 7. The company paid cash of $500 for monthly utilities. 8. The company received $3,100 cash in advance of providing management services to a customer.

Based on this information, accrual basis net income for March would be:

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Based on this information, cash basis net income for March would be:

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