Tri Fecta, a partnership, had revenues of $373,000 in its first year of operations. The partnership has not collected on $45,200 of its sales and still owes $38,700 on $170,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $27,100 in salaries. The partners invested $41,000 in the business and $25,000 was borrowed on a five-year note. The partnership paid $2,250 in interest that was the amount owed for the year and paid $8,000 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.

Cash balance = $225,150

Explanation:

Cash balance can be calculated by calculating the difference of cash inflows and cash outflows

Cash inflow

Investment              $41,000

Borrowed                $25,000

Cash collection(w)  $327,800

Total Collection      $393,800

Less:

Cash outflow

Merchandise(w)      $131,300

Salaries paid           $27,100

Interest paid           $2,250

Insurance paid       $8,000

Total cash paid     $168,650

Cash Balance = Total Collection - Total Cash paid

Cash balance = $393,800 - $168,650

Cash balance = $225,150

Working

Cash collection = The partnership has not collected on $45,200 of its sales

Cash collection = Sales - 45,200

Cash collection = $373,000 - $45,200

Cash collection = $327,800

Merchandise = Tri Fecta still owes $38,700 on $170,000 of merchandise it purchased

Merchandise = $170,000 - $38,700

Merchandise = $131,300

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