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Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has...

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Accounting

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Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has not collected on 518,200 of its sales and still owes $26,000 on $80,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $10,500 in salaries. Owners invested $28,000 in the business and $28,000 was borrowed on a five-year note. The company paid $4,300 in interest that was the amount owed for the year, and paid $7,400 for a two-year Insurance policy on the first day of business. Alpaca has an effective income tax rate of 40% Compute net income for the first year for Alpaca Corporation

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