Alpaca Corporation had revenues of $325,000 in its first year of operations. The company has not collected on $20,400 of

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Alpaca Corporation Had Revenues Of 325 000 In Its First Year Of Operations The Company Has Not Collected On 20 400 Of 1 (21.9 KiB) Viewed 10 times

Alpaca Corporation had revenues of $325,000 in its first year of operations. The company has not collected on $20,400 of its sales and still owes $28,500 on $98,500 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $14,200 in salaries. Owners invested $21,500 in the business and $21,500 was borrowed on a five-year note. The company paid $5,000 in interest that was the amount owed for the year, and paid $9,000 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 40%. (Assume taxes are paid in the same year). Compute the cash balance at the end of the first year for Alpaca Corporation. Multiple Choice $222,148 $243,148 $168,280 $211348