Tri Fecta, a partnership, had revenues of $367,000 in its first year of operations. The partnership has not collected on $45,800

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3 years ago

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Tri Fecta, a partnership, had revenues of $367,000 in its first year of operations. The partnership has not collected on $45,800

of its sales and still owes $39,600 on $240,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $26,200 in salaries. The partners invested $47,000 in the business and $26,000 was borrowed on a five-year note. The partnership paid $2,860 in interest that was the amount owed for the year and paid $9,300 for a two-year insurance policy on the first day of business. Ignore income taxes.
Compute the cash balance at the end of the first year for Tri Fecta.
a) $ 332,110
b) $ 161,640
c) $ 166,290
d) $ 155,440

Business