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Tri Fecta, a partnership had revenues of $366,000 in its first year of operations The partnership has not collected on

Tri Fecta, a partnership, had revenues of $366,000 in its first year of operations. The partnership has not collected on $46,300 of its sales and still owes $39,500 on $205,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $27,700 in salaries. The partners invested $46,000 in the business and $29,000 in interest that was the amount owed for the year and paid $9,500 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. was borrowed on a five-year note. The partnership paid $2,900 Multiple Choice $ 189,100 $193,850 $195,900 $200,650

Feb 06 2020 View more View Less

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