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Alpaca Corporation had revenues of 20,000 in its first year of operations. The company had...

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Accounting

Alpaca Corporation had revenues of 20,000 in its first year of operations. The company had not collected on 20,000 of its sales and still owes $25,000 on $70,000 of merchandise it purshased. The company had no inventory on hand at the end of the year. The company paid 15,000in salaries. Owners invested $20,000 in its business and 20,000 was borrowed on a five-year note. The company paid $2,000 in interest that was the amount owed for the year, and paid $6000 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate 40%.

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