XYZ Corporation had revenues of $350,000 m its first year of operation. The company has not collected on 570.000 of his sales and lowes $50,000 on $180,000 of merchandise it purchased There was no inventory on hand at the end of the year. The company po 300 m salaries. The owners invested $30,000 in the business and $10,000 was borrowed on a five year note. The company paid $1.000 m were thus was the amount owed for the year and paid $12,000 for a three-year insurance policy on the first day of business Copy thesion below and amewer in the pace provided 1.) Compute the cash balance at the end of the first year for XYZ Corporation 2.) Compute accrual based net income for the first year of operations for XYZ Corporation