Cash-Basis and Accrual-Basis Accounting

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

Cash receipts during 2019 (including $50,000 paid by stockholders in exchange for common stock) were $272,900.

Cash payments during 2019 (including $8,100 of dividends paid to stockholders) were $164,850.

Total selling price of services billed to customers during 2019 was $201,700.

Salaries earned by employees during 2019 were $115,200.

Cost of supplies used during 2019 in operation of the business was $46,415.

Required:

1. Calculate Summers Building Company's net income for 2019 on an accrual basis. $fill in the blank 1

2. Calculate Summers Building Company's net income for 2019 on a cash basis. $fill in the blank 2