Tri Fecta, a partnership, had revenues of $362,000 in its first year of operations. The...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Tri Fecta, a partnership, had revenues of $362,000 in its first year of operations. The partnership has not collected on $45,900 of its sales and still owes $38,500 on $190,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $32,900 in salaries. The partners invested $48,000 in the business and $27,000 was borrowed on a five-year note. The partnership paid $2,700 in interest that was the amount owed for the year and paid $9,200 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.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
