Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Alpaca Corporation had revenues of $300,000 in its first year of operations. The company has not collected on $19,900 of its sales and still owes $26,500 on $85,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $15,000 in salaries. Owners invested $30,000 in the business and $30,000 was borrowed on a five-year note. The company paid $3,300 in interest that was the amount owed for the year, and paid $7,800 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.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M945059

Have any Question? 


Related Questions in Accounting Basics

Accounting theory and contemporary issues individual case

Accounting Theory and Contemporary Issues Individual case study Assignment- Assessment Description - Learning Outcome:  Research and argue a position in regard to a contemporary issue in the accounting profession. Evalua ...

In your own words explain the recording process and the

In your own words, explain the recording process and the accounting equation to someone who has no accounting experience. Then, give your opinion on the elements or areas that might cause the most confusion or be the mos ...

Imagine you are the responsible accountant for one of our

Imagine you are the responsible accountant for one of our companies. Apart from local gaap or local accounting rules but with regard to HB II (Group financial statement) and with the help of the HB II accounting manual o ...

Accounting and regulatory environmenti need someone to

Accounting and Regulatory Environment. I need someone to write a paper for me on accounting and the regulatory environment. The instructions are below on what it is to include. In the wake of the accounting and finance s ...

Question 1 this problem continues the haupt consulting

Question 1: This problem continues the Haupt Consulting situation from Problem 2-64 of Chapter 2. Start from the trial balance and the posted T-accounts that Haupt Consulting prepared at December 18, as follows: HAUPT CO ...

Part one - sage transactionsyou will be given a fictitious

PART ONE - SAGE TRANSACTIONS You will be given a fictitious company which you will need to set up, record two months of transactions and produce financial statements for. You will need to use your professional judgement ...

The budget director for bird house unlimited inc has

The budget director for Bird House Unlimited, Inc., has gathered the following data for use in developing the budgeted income statement for November 20XX. Estimated sales for November Bird House 28,600 units at $33 per u ...

1 ahn nguyen a vietnamese joint stock company has net

1. Ahn Nguyen, a Vietnamese Joint Stock Company has net income of 52,000 Vietnamese Dong, () and the following items: Depreciation Expense   16,000 Accounts Receivable Increase                    12,000 Inventory Decreas ...

Tf question1under the modified accrual basis of accounting

T/F QUESTION 1 Under the modified accrual basis of accounting, there is no matching principle and no attempt to amortize costs that benefit multiple periods. 2 In fund accounting, expenditures may be classified in differ ...

Assignment questionbesar ltd acquired all of the shares in

Assignment Question Besar Ltd acquired all of the shares in Kecil Ltd on 1 July 2015. At that date, equity of Kecil Ltd consisted of: Share Capital $2 000 000 Retained earnings 800 000 At 1 July 2015, all the assets and ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen