Alpaca Corporation had revenues of $305,000 in its first year of operations. The company has not collected on $20,000 of its sales and still owes $28, 100 on $96, 500 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $13, 800 in salaries. Owners invested $19, 500 in the business and $19, 500 was borrowed on a five-year note. The company paid $4, 700 in interest that was the amount owed for the year, and paid $8, 700 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 32%. Compute the cash balance at the end of the first year for Alpaca Corporation $168, 992 $221, 835 $ 200, 835 $ 189, 835