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 merchandiselt 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 $4700 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 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 $200,835 $189.835 O $154340 $221835 Tn Fecta, a partnership, had revenues of $372,000 in its first year of operations. The partnership has not collected on $47,000 of its sales and still owes $38,600 on $180,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership pald $32,900 in salaries. The partners invested $40,000 in the business and $25,000 was borrowed on a five-year note. The partnership paid $2750 in interest that was the amount owed for the year and paid $8,900 for a two-year insurance policy on the first day of business Compute net income for the first year for Tri Fecta. Multiple Choice $180,000 O $236.550 O $151.900 $192000