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Saved Help Save& Exit Submit Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has not collected on $19,700 of its sales and still owes $27,800 on $95,000 of merchandise it purchased. The company had no inventory on hand at the end of the year The company paid $13,500 in salaries. Owners invested $18,000 in the business and $18,000 was borrowed on a five-year note. The company paid $4,500 in interest that was the amount owed for the year, and paid $8,500 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 38%. (Assume taxes are paid in the same year). Compute the cash balance at the end of the first year for Alpaca Corporation. Multiple Choice