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Fecta, a partnership, had revenues of $378,000 in its first year of operations. The partnership has not collected on $45,800 of its sales and still owes $38.300 on $250,000 of merchandise it purchased. There was no entory on hand at the end of the year. The partnership paid $28,300 in salaries. The partners invested $47,000 in the business and $26,000 was borrowed on a five-year note. The partnership paid $2.340 in interest at was the amount owed for the year and paid $8,800 for a two-year insurance policy on the first day of business. Ignore income taxes. mmpute the cash balance at the end of the first year for Tri Fecta. Multiple Choice O о $165,960 $161,560 ○ $154,060 $158,460

Fecta, a partnership, had revenues of $378,000 in its first year of operations. The partnership has not collected on $45,800 of its sales and still owes $38.300 on $250,000 of merchandise it purchased. There was no entory on hand at the end of the year. The partnership paid $28,300 in salaries. The partners invested $47,000 in the business and $26,000 was borrowed on a five-year note. The partnership paid $2.340 in interest at was the amount owed for the year and paid $8,800 for a two-year insurance policy on the first day of business. Ignore income taxes. mmpute the cash balance at the end of the first year for Tri Fecta. Multiple Choice O о $165,960 $161,560 ○ $154,060 $158,460

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Tri Fecta, a partnership, had revenues of $378,000 in its first year of operations. The partnership has not collected on $45,800 of its sales and still owes $38,300 on $250,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $28,300 in salaries. The partners Invested $47,000 in the business and $26,000 was borrowed on a five-year note. The partnership paid $2,340 in interest that was the amount owed for the year and paid $8,800 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. Multiple Choice $165,960 $161,560 О $154,060 О $158,460
Transcribed Image Text:Tri Fecta, a partnership, had revenues of $378,000 in its first year of operations. The partnership has not collected on $45,800 of its sales and still owes $38,300 on $250,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $28,300 in salaries. The partners Invested $47,000 in the business and $26,000 was borrowed on a five-year note. The partnership paid $2,340 in interest that was the amount owed for the year and paid $8,800 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. Multiple Choice $165,960 $161,560 О $154,060 О $158,460
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