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Question - Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has not collected on $19,100 of its sales and still owes $25,300 on $100,000 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 $10,000 in the business and $10,000 was borrowed on a five-year note. The company paid $3,600 in interest that was the amount owed for the year, and paid $7,600 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 40%.
Required - Compute net income for the first year for Alpaca Corporation.
a. $171,600
b. $190,000
c. $100,680
d. $102,960
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