Alpaca Corporation had revenues of $325,000 in its first year of operations. The company has not collected on $20,400 of its sales and still owes $28,500 on $98,500 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $14,200 in salaries. Owners invested $21,500 in the business and $21,500 was borrowed on a five-year note. The company paid $5,000 in interest that was the amount owed for the year, and paid $9,000 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 9%.
Compute the cash balance at the end of the first year for Alpaca Corporation.