Check my work Alpaca Corporation had revenues of $310,000 in its first year of operations. The company has not collected on $20,100 of its sales and still owes $28,200 on $97,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $13,900 in salaries. Owners invested $20,000 in the business and $20,000 was borrowed on a five-year note. The company paid $4,800 in interest that was the amount owed for the year, and paid $8,800 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 Next Drau