Tri Fecta, a partnership, had revenues of $369,000 in ts first year of operation

Question

Tri Fecta, a partnership, had revenues of $369,000 in ts first year of operations. The partnership has not collected on $4 its sales and still owes $39,100 on $220,000 of merchandise it p The partnership paid $32,400 in salaries. The partners invested $41,000 i note. The partnership paid $2.700 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 urchased. There was no inventory on hand at the end of the year the business and $27,000 was borrowed on a five-year Compute the cash balance at the end of the first year for Tri Fecta. Multiple Choice $172,600

Explanation / Answer

Answer : $166300

=> Cash Balance at the end of month = revenue reced (369000-45400) - Purchases paid (220000-39100) - Salaries paid 32400 + Partners investment 41000 + borrowed 27000 - interest paid 2700 - insurance paid 9300 = 166300

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