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Tri Fecta, a partnership, had revenues of $369,000...

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Accounting

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Tri Fecta, a partnership, had revenues of $369,000 in its first year of operations. The partnership has not collected on $45,100 of its sales and stil owes $38,900 on $195,000 of merchandise it purchased. There was no inventory on hand at the end of the year, The parthership paid $29,300 in salaries. The parthers invested $43,000 in the business and $24,000 was bonowed on a five-year note. The parthership pold $1,920 in interest that was the amount owed for the year and paid $8,500 foc a two-year insurance policy on the first day of business. Compute net income for the first year for Fin Fecta. $213,720 $174,000 $138,530 $195,000

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