50.1K

Verified Solution

Link Copied!

Tri Fecta, a partnership. had revenues of $371,000 in its first year of operations. The partnership has not collected on $45,900 of its sales and stili owes $38,100 on $170,000 of merchandise it purchased. There was no inventory on hand at the end of the yeat, The partnership paid $33,700 in salaries. The partners invested $44,000 in the business and $22,000 was borrowed on a five-year note. The partnership paid $2.420 in interest that was the amount owed for the year and paid $8,300 for a two-year insurance policy on the first day of business. Compute net income for the first year for Tri Fecta. Multiple Craice $245,420 $170,000 $160730 $201000 Indiana Company began a construction project in 2024 with a contract price of $161 million to be received when the project is completed in 2026. During 2024, Indiana incurred $38 million of costs and estimates an additional $84 milition of costs to complete the project Indiana recognizes revenue over time and for this project recognizes fevenue over time according to the percentage of the project that has been completed: Indianas Note: Do not round intermediate caleulotions. Present final onswer in millions, to 2 decimal ploces. Mutuple Choice recognsed $1215 mition gross protit on the project in 2024 recognized 53800 mition low on the project in 2024 fecogrired no gross profi 20 lows on the project in 2024 recogncred $7)00 malion loss on the project in 2024

Answer & Explanation Solved by verified expert

See Answer