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Need solution and explanation for this problem, ill upvote, thank you! Exercise 3-41 (Algorithmic)...

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Accounting

imageNeed solution and explanation for this problem, ill upvote, thank you!

Exercise 3-41 (Algorithmic) 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 $282,000. b. Cash payments during 2019 (including $8,200 of dividends paid to stockholders) were $164,850. c. Total selling price of services billed to customers during 2019 was $200,700. d. Salaries earned by employees during 2019 were $110,790. e. Cost of supplies used during 2019 in operation of the business was $47,245. Required: 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

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