Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as follows:

 Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as follows: Cash collected from customers, $340,000; Cash paid for rent, $40,000; Cash paid to employees for services rendered during the year, $120,000; Cash paid for utilities, $50,000.

In addition, you determine that customers owed the company $60,000 at the end of the year and no bad debts were anticipated. Also, the company owed the gas and electric company $2,000 at year-end, and the rent payment was for a two-year period.
 
Calculate accrual net income for the year.

 

Answer 

 

 

 

Please like and share. We will put more free questions and answers for you.