Brief Exercise $1-1($Static$)$ Accrual accounting $[$LO$1-2]$

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.

Net income $=$$$208,000$

QUESTION $($PLEASE SHOW STEPS$)$: How does this equal out to be $$208,000$ for the net income?