Tri Fecta, a partnership, had revenues of $364,000 in its first year of operations. The...
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Tri Fecta, a partnership, had revenues of $364,000 in its first year of operations. The partnership has not collected on $45,600 of its sales and still owes $39,900 on $180,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $25,300 in salaries. The partners invested $41,000 in the business and $21,000 was borrowed on a five-year note. The partnership paid $1,890 in interest that was the amount owed for the year and paid $8,500 for a two-year insurance policy on the first day of business. Compute net income for the first year for Tri Fecta. Multiple Choice $219,690 $158,700 $152,560 $184,000 The conceptual framework's qualitative characteristic of relevance includes: Multiple Choice Predictive value. Verifiability Completeness. Neutrality
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