Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as follows: Cash collected from customers, $370,000; Cash paid for rent, $46,000; Cash paid to employees for services rendered during the year, $126,000; Cash paid for utilities, $56,000. In addition, you determine that customers owed the company $66,000 at the end of the year and no bad debts were anticipated. Also, the company owed the gas and electric company $2,600 at year-end, and the rent payment was for a two-year period. Calculate accrual net income for the year. Net income
Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as follows: Cash collected from customers, $370,000; Cash paid for rent, $46,000; Cash paid to employees for services rendered during the year, $126,000; Cash paid for utilities, $56,000. In addition, you determine that customers owed the company $66,000 at the end of the year and no bad debts were anticipated. Also, the company owed the gas and electric company $2,600 at year-end, and the rent payment was for a two-year period. Calculate accrual net income for the year. Net income
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter21: The Statement Of Cash Flows
Section: Chapter Questions
Problem 10RE: In the current year, Harrisburg Corporation collected 100,000 from its customers and paid out 30,000...
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![Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as follows: Cash collected from
customers, $370,000; Cash paid for rent, $46,000; Cash paid to employees for services rendered during the year, $126,000; Cash
paid for utilities, $56,000.
In addition, you determine that customers owed the company $66,000 at the end of the year and no bad debts were anticipated. Also,
the company owed the gas and electric company $2,600 at year-end, and the rent payment was for a two-year period.
Calculate accrual net income for the year.
Net income](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F55f0052a-9d0d-41a8-9339-203ce40e3605%2F5deb685b-c09f-4cde-a014-7713930b2cd8%2F3qqrhkn_processed.png&w=3840&q=75)
Transcribed Image Text:Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as follows: Cash collected from
customers, $370,000; Cash paid for rent, $46,000; Cash paid to employees for services rendered during the year, $126,000; Cash
paid for utilities, $56,000.
In addition, you determine that customers owed the company $66,000 at the end of the year and no bad debts were anticipated. Also,
the company owed the gas and electric company $2,600 at year-end, and the rent payment was for a two-year period.
Calculate accrual net income for the year.
Net income
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