Business, 26.10.2021 07:30, ahoney2233
Tri Fecta, a partnership, had revenues of $376,000 in its first year of operations. The partnership has not collected on $45,100 of its sales and still owes $38,400 on $160,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $25,900 in salaries. The partners invested $45,000 in the business and $21,000 was borrowed on a five-year note. The partnership paid $2,310 in interest that was the amount owed for the year and paid $9,700 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. $237,390
b. $248,940
c. $244,090
d. $246,660
Answers: 1
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Tri Fecta, a partnership, had revenues of $376,000 in its first year of operations. The partnership...
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