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Katyanochek1 [597]
3 years ago
10

Alpaca Corporation had revenues of $270,000 in its first year of operations. The company has not collected on $18,700 of its sal

es and still owes $26,300 on $80,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $14,500 in salaries. Owners invested $25,000 in the business and $25,000 was borrowed on a five-year note. The company paid $2,400 in interest that was the amount owed for the year, and paid $5,400 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 40%.Compute net income for the first year for Alpaca Corporation:
a) $ 183,092
b) $ 186,186
c) $ 225,000
d) $ 204,600
Business
1 answer:
liq [111]3 years ago
8 0

Answer:

net income after taxes $102,240

Explanation:

net income:

total revenues                  $270,000

<u>- cost of goods sold         ($80,000)</u>

gross profit                       $190,000

- salaries                            ($14,500)

- interest expense             ($2,400)

<u>- insurance expense          ($2,700)</u>

net income before taxes  $170,400

<u>- income taxes                   ($68,160)</u>

net income after taxes      $102,240

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