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Tri Fecta, a partnership, had revenues of $376,000 in its first year of operations. The...

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Accounting

Tri Fecta, a partnership, had revenues of $376,000 in its first year of operations. The partnership has not collected on $46,900 of its sales and still owes $39,100 on $190,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $25,200 in salaries. The partners invested $45,000 in the business and $23,000 was borrowed on a five-year note. The partnership paid $2,300 in interest that was the amount owed for the year and paid $9,400 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.

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