1.Cash flows during the first year of operations for theHarman-Kardon Consulting Company were as follows: Cash collectedfrom customers, $380,000; Cash paid for rent, $48,000; Cash paid toemployees for services rendered during the year, $128,000; Cashpaid for utilities, $58,000. In addition, you determine thatcustomers owed the company $68,000 at the end of the year and nobad debts were anticipated. Also, the company owed the gas andelectric company $2,800 at year-end, and the rent payment was for atwo-year period. Calculate accrual net income for the year.
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