Financial Accounting – 2024
2024 – The records of Summers Building Company reveal the following information for 2019.
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 $277,900.
- Cash payments during 2019 (including $7,000 of dividends paid to stockholders) were $164,850.
- Total selling price of services billed to customers during 2019 was $200,800.
- Salaries earned by employees during 2019 were $116,860.
- Cost of supplies used during 2019 in operation of the business was $47,090.
>required
Required:
1. Calculate Summers Building Company’s net income for 2019 on an accrual basis.
$
calculate summers building company’
2. Calculate Summers Building Company’s net income for 2019 on a cash basis.
Need assignment writing services that are 100% risk-free. Our writers are capable of providing the best assignment help to students in globally at best rates.