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115,860 is the correct answer please show the work to get it. View previous attempt TB MC Qu. 1-123 (Algo) Alpaca Corporation had revenues of...
115,860 is the correct answer please show the work to get it.
View previous attempt TB MC Qu. 1-123 (Algo) Alpaca Corporation had revenues of... Alpaca Corporation had revenues of $255,000 in its first year of operations. The company has not collected on $19,000 of its sales and still owes $27,100 on $96,500 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $12,800 in salaries. Owners invested $14,500 in the business and $14,500 was borrowed on a five-year note. The company paid $3,900 in interest that was the amount owed for the year, and paid $7,900 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 O $137,215 o $148,215 $115,860 o $169,215Step by Step Solution
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