Cash-Basis and Accrual-Basis Accounting The records of Summers Building Company reveal the following information for 2018. a. Cash receipts during 2018 (including $50,000 paid by shareholders in exchange for common shares) were $267,750. b. Cash payments during 2018 (including $15,400 of dividends paid to shareholders) were $164,850. c. Total selling price of services billed to customers during 2018 was $260,100 d. Salaries earned by employees during 2018 were $104,550. e. Cost of supplies used during 2018 in operation of the business was $48,175. Required: 1. Calculate Summers Building Company's net income for 2018 on an accrual basis. 2. Calculate Summers Building Company's net income for 2018 on a cash basis. Revenue Recognition and Matching Omega Transportation Inc., headquartered in Saint John, New Brunswick, uses accrual-basis accounting and engaged in the following transactions: billed customers $2,333,730 for transportation services collected cash from customers in the amount of $1,381,975 purchased fuel supplies for $1,333,800 cash used fuel supplies that cost $1,501,515 employees earned salaries of $329,000 paid employees $280,300 cash for salaries Required: Determine the amount of sales revenue and total expenses for Omega's statement of earnings. Sales Revenue Total Expenses