Alpaca Corporation had revenues of $240,000 in its first year of operations. The company has not collected on $19,700 of its sales and still owes $26,000 on $100,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $13,000 in salaries. Owners invested $25,000 in the business and $25,000 was borrowed on a five-year note. The company paid $2,900 in interest that was the amount owed for the year, and paid $7,000 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.

Boteck is a full-service technology company. it provides equipment, installation services, and training services. customers can purchase any product or service separately or as a bundled package. on may 3, box-rite corporation purchased computer equipment, installation, and training for a total cost of $120,000. estimated stand-alone fair values of the equipment, installation, and training are $75,000, $50,000, and $25,000 respectively. the journal entry to record the sale and installation on may 3 will include select one:

Cash flow is often a problem for small businesses. how can an entrepreneur increase cash flow? a) locate lower-priced suppliers. b) forego sending in estimated tax payments to the irs c) shorten the terms on a bank loan to pay it off more quickly d) sell more low-margin items.

Catherine de bourgh has one child, anne, who is 18 years old at the end of the year. anne lived at home for seven months during the year before leaving home to attend state university for the rest of the year. during the year, anne earned $6,000 while working part time. catherine provided 80 percent of anne's support and anne provided the rest. which of the following statements regarding whether anne is catherine's qualifying child for the current year is correct? a.anne is a qualifying child of catherine.b.anne is not a qualifying child of catherine because she fails the gross income test.c.anne is not a qualifying child of catherine because she fails the residence test.d.anne is not a qualifying child of catherine because she fails the support test.