Tri Fecta, a partnership, had revenues of $368,000 in its first year of operations. The partnership has not collected on $45,700 of its sales and still owes $39,900 on $235,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $29,400 in salaries. The partners invested $48,000 in the business and $24,000 was borrowed on a five-year note. The partnership paid $2.640 in interest that was the amount owed for the year and paid $9,300 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 $63.660 O$168.310 $152.510 $157860

Tri Fecta, a partnership, had revenues of $368,000 in its first year of operations. The partnership has not collected on $45,700 of its sales and still owes $39,900 on $235,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $29,400 in salaries. The partners invested $48,000 in the business and $24,000 was borrowed on a five-year note. The partnership paid $2.640 in interest that was the amount owed for the year and paid $9,300 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 $63.660 O$168.310 $152.510 $157860

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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