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

See similar textbooks

Similar questions

Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $101,500 cash from Busby and $188,500 from Beatty. During Year 1, the partnership earned $62,500 in cash revenues and paid $35,200 for cash expenses. Busby withdrew $2,300 cash from the business, and Beatty withdrew $5,300 cash. The net income was allocated to the capital accounts of the two partners in proportion to the amounts of their original investments in the business. Required Prepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for B&B's Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Income Statement Assets Cash Capital Statement Prepare a balance sheet. Note: Do not round intermediate calculations and round your final answer to the nearest whole dollar amount. Total assets Liabilities Equity F. Busby, Capital J. Beatty, Capital Balance Sheet Statement of Cash Flows…
A local partnership is liquidating and is currently reporting the following capital balances: Desai has indicated that a forthcoming contribution will cover the $24,000 deficit. However, the two remaining partners have asked to receive the $52,000 in cash that is currently available. How much of this money should each of the partners receive? Barley, $22,000; Carter, $30,000. Barley, $32,000; Carter, $20,000. Barley, $29,000; Carter, $23,000. Barley, $32,500; Carter, $19,500.
Kent contributed $50,000 in exchange for a 40% interest in a partnership at the beginning of the year. The partnership has no liabilities in place at the time of Kent's contribution. At the end of the year, the partnership correctly allocates $30,000 ordinary loss and a $50,000 long term capital loss to Kent. In addition, during the year, the partnership borrowed $100,000. $40,000 of this liability is allocable to Kent. At the end of the year, Kent's outside basis equals ____ and his capital account equals _______.
The Bui, Clemente, Devian, and Toussaint partnership has terminated operations and is undergoing liquidation. Sales commissions and other liquidation expenses are expected to total $19,000. The partnership’s balance sheet prior to the commencement of liquidation is as follows: Cash $ 27,000 Liabilities $ 40,000 Noncash assets 254,000 Bui, capital (20%) 18,000 Clemente, capital (40%) 40,000 Devian, capital (20%) 48,000 Toussaint, capital (20%) 135,000 Total assets $ 281,000 Total liabilities and capital $ 281,000 Required: Prepare a predistribution plan for this partnership.
Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $109,200 cash from Busby and $170,800 from Beatty. During Year 1, the partnership earned $67,500 in cash revenues and paid $27,350 for cash expenses. Busby withdrew $1,900 cash from the business, and Beatty withdrew $4,000 cash. The net income was allocated to the capital accounts of the two partners in proportion to the amounts of their original investments in the business. Required Prepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for B&B's Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Income Capital Statement Statement Balance Sheet Prepare a balance sheet. (Do not round intermediate calculations and round your final answer to the nearest whole dollar amount.) Assets Cash Stmt of Cash Flows Total assets Liabilities B&B PARTNERSHIP Balance Sheet As of December 31, Year 1…
At year-end, the Queen City partnership has the following capital balances: $ 340,000 320,000 Isabella, Capital Catherine, Capital Elizabeth, Capital Victoria, Capital 290,000 280,000 Profits and losses are split on a 3:3:2:2 basis, respectively. Elizabeth decides to leave the partnership and is paid $320,000 from the business based on the original contractual agreement. Required: The payment made to Elizabeth beyond her capital account was for Elizabeth's share of previously unrecognized goodwill. After recognizing partnership goodwill, compute Isabella's capital balance after Elizabeth withdraws. Isabella's capital before withdrawal of Elizabeth Isabella's share of goodwill recognition Isabella's capital balance after withdrawal of Elizabeth $ 0
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