After 119 shows and a 19 month world tour, award winning singer/songwriter Adele cancelled her last two sold out shows due to damaged vocal cords. Let’s say that her contract did not contemplated cancellations for medical reasons. The Producers did not carry event cancellation insurance and are not liable for a series of expenses related to the event that they will not be able to recover. The Producers decide to sue Adele and her management team for breach of contract. Can Adele be discharged from her contract?

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.