American firms should never try to do business in Europe in August because they will find that everyone has gone on vacation. Today, all European countries have laws requiring companies to provide employees with vacations of at least four to five weeks. This would be an important part of the European environment that any multinational firm doing business there needs to be aware of.

Cash flows during the first year of operations for the harman-kardon consulting company were as follows: cash collected from customers, $360,000; cash paid for rent, $44,000; cash paid to employees for services rendered during the year, $124,000; cash paid for utilities, $54,000.in addition, you determine that customers owed the company $64,000 at the end of the year and no bad debts were anticipated. also, the company owed the gas and electric company $2,400 at year-end, and the rent payment was for a two-year period.calculate accrual net income for the year.