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  1. business
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  3. radical innovators, inc. had revenues of $290,000

Radical Innovators, Inc. had revenues of $290,000 in its first year of operations The company...

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Accounting

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Radical Innovators, Inc. had revenues of $290,000 in its first year of operations The company has not collected on $18,500 of its sales and still owes $26,700 on $75,000 of merchandise it purchased. The company had no Inventory on hand at the end of the year. The company paid $13.000 in salaries. Owners Invested $ 21,000 in the business and $21,000 was borrowed on a five-year note. The company paid $3,200 In Interest that was the amount owed for the year, and pald $6,500 for a two-year Insurance policy on the first day of business. Radical has an effective income tax rate of 40% Compute net income for the first year for Radical Innovators, Inc. Multiple Choice $215,000 O $195,550 O $115,380 O $117.330 O

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