Question

2.Alpaca Corporation had revenues of $295,000 in its first yearof operations. The company has not collected on $19,800 of itssales and still owes $27,900 on $95,500 of merchandise itpurchased. The company had no inventory on hand at the end of theyear. The company paid $13,600 in salaries. Owners invested $18,500in the business and $18,500 was borrowed on a five-year note. Thecompany paid $4,600 in interest that was the amount owed for theyear, and paid $8,600 for a two-year insurance policy on the firstday of business. Alpaca has an effective income tax rate of8%.
Compute the cash balance at the end of the first year for AlpacaCorporation.

A. $203,640

B. $215,640

C. $183,640

D. $194,640

3.

Listed below are several transactions that tookplace during the first two years of operations for the law firm ofPete, Pete, and Roy.

	Year 1			Year 2
Amounts billed to customers for services rendered	$	180,000		$	230,000
Cashcollected from customers		155,000			185,000
Cashdisbursements:
Salaries paid toemployees for services rendered during the year		85,000			95,000
Utilities		27,500			35,000
Purchase of insurancepolicy		58,500			0

In addition, youlearn that the company incurred utility costs of $32,500 in year 1,that there were no liabilities at the end of year 2, no anticipatedbad debts on receivables, and that the insurance policy covers athree-year period.

Required:
1.	Calculate the net operating cash flow for years1 and 2. (Net cash outflowsshould be indicated by a minus sign.)

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Year 1 Year 2

Net Operating Cash flow

2.	Prepare an income statement for eachyear according to the accrual accounting model.
	Income Statements: Year 1 Year 2 Revenues Expenses: Salaries Utilities Insurance Net Income (loss)

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3.	Determine the amount of receivablesfrom customers that the company would show in its year 1 and year 2balance sheets prepared according to the accrual accountingmodel.

Year 1 Year 2

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