Need Help Accounting


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Need Help Accounting 1 answer below » Alpaca Corporation had revenues of $200,000 in its first year of operations. The company purchased $70,000 of inventory
during the year. The company had no inventory on hand at the end of the year. The company paid $15,000 in salaries during the year. Owners invested $20,000
in the business and $20,000 was borrowed on a five-year note. The company paid $2,000 in interest that was the amount owed for the year, and paid $6,000
for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 40%. The company paid $5,000 in dividends. Which
of the View complete question » Alpaca Corporation had revenues of $200,000 in its first year of operations. The company purchased $70,000 of inventory
during the year. The company had no inventory on hand at the end of the year. The company paid $15,000 in salaries during the year. Owners invested $20,000
in the business and $20,000 was borrowed on a five-year note. The company paid $2,000 in interest that was the amount owed for the year, and paid $6,000
for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 40%. The company paid $5,000 in dividends. Which
of the following is the net income for the first year for Alpaca Corporation? $110,000 $60,000 $107,000 $57,000 $61,000 $66,000 View less » Dec 08 2013 08:43 AM

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