Cash-Basis and Accrual-Basis Accounting

The records of Summers Building Company reveal the following information for 2019.

a. Cash receipts during 2019 (including $50,000 paid by stockholders in exchange for common stock) were $264,400.

b. Cash payments during 2019 (including $7,600 of dividends paid to stockholders) were $164,850.

c. Total selling price of services billed to customers during 2019 was $202,600.

d. Salaries earned by employees during 2019 were $112,920.

e. Cost of supplies used during 2019 in operation of the business was $48,105.

1. Calculate Summers Building Company's net income for 2019 on an accrual basis.

??????

2. Calculate Summers Building Company's net income for 2019 on a cash basis. ??????