Cash-Basis and Accrual-Basis Accounting The records of Summers Building Company reveal The following information for 2011. Cash receipts during 2011 (including $50,000 paid by stockholders in exchange for common stock) were $271,000. Cash payments during 2011 (including $7,600 of dividends paid to stockholders) were $164,850. Total selling price of services billed to customers during 2011 was $201,600. Salaries earned by employees during 2011 were $113,430. Cost of supplies used during 2011 in operation of The business was $47,255. Calculate Summers Building Company's net income for 2011 on an accrual basis. $ Calculate Summers Building Company's net income for 2011 on a cash-basis. $ Explain how The cash-basis of accounting allows for The manipulation of income. The input in The box below will not be graded, but may be reviewed and considered by your instructor