Tn Fecta, a partnership, had revenues of $369,000 in its first year of operations. The...
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Tn Fecta, a partnership, had revenues of $369,000 in its first year of operations. The parthership has not collected on $45,900 of its sales and 5til owes $38,200 on $225,000 of merchondise it purchased. There was no imventory on hand ot the end of the year. The partnership paid $27,000 in salaries. The partners invested $48,000 in the business and $25,000 was borrowed on a five-yeor note. The parthership pald $3,000 in inferest that was the armount owed for the year and paid $8,400 for a two yeat insurance policy on the first day of business. Ignore income tawes. Compute the cash batance at the end of the first year for Tri focto. Multiple Choice $318,900 $170,900 $182,800 $178,600
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