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Tri Fecta, a partnership, had revenues of $378.000 in its first year of operations. The...

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Accounting

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Tri Fecta, a partnership, had revenues of $378.000 in its first year of operations. The partnership has not collected on 545,300 of its sales and still owes $39,300 on $160,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $31,600 in salaries. The partners invested $44.000 in the business and $21,000 was borrowed on a five-year note. The partnership paid $2,310 in interest that was the amount owed for the year and paid $9.500 for a two-year Insurance policy on the first day of business Compute net income for the first year for Tri Fecta Multiple Choice $179,340 $186.400 O $218.000

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