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Tri Fecta, a partnership, had revenues of $363,000 in its first year of operations. The partnership has not collected on $46,800 of its sales and still owes $39,200 on $205,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $29,000 in salaries. The partners invested $44,000 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 $9,000 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.   Multiple Choice   $179,150   $191,250   $183,650   $186,750

Tri Fecta, a partnership, had revenues of $363,000 in its first year of operations. The partnership has not collected on $46,800 of its sales and still owes $39,200 on $205,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $29,000 in salaries. The partners invested $44,000 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 $9,000 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.   Multiple Choice   $179,150   $191,250   $183,650   $186,750

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 $363,000 in its first year of operations. The partnership has not collected on $46,800 of its sales and still owes $39,200 on $205,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $29,000 in salaries. The partners invested $44,000 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 $9,000 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.

 

Multiple Choice
  •  

    $179,150

  •  

    $191,250

  •  

    $183,650

  •  

    $186,750

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