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Alpaca Corporation had revenues of $270,000 in its first year of operations. The company has not...

Alpaca Corporation had revenues of $270,000 in its first year of operations. The company has not collected on $19,300 of its sales and still owes $27,400 on $98,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $13,100 in salaries. Owners invested $16,000 in the business and $16,000 was borrowed on a five-year note. The company paid $4,200 in interest that was the amount owed for the year, and paid $8,100 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 30%. Compute the cash balance at the end of the first year for Alpaca Corporation.

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