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Alpaca Corporation had revenues of $250,000 in its first year of operations. The company has...

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Accounting

Alpaca Corporation had revenues of $250,000 in its first year of operations. The company has not collected on $18,800 of its sales and still owes $25,700 on $95,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $11,000 in salaries. Owners invested $26,000 in the business and $26,000 was borrowed on a five-year note. The company paid $4,200 in interest that was the amount owed for the year, and paid $7,100 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 30%.

Compute net income for the first year for Alpaca Corporation.

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