Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. tri fecta, a partnership, had sales revenues of $3

Tri Fecta, a partnership, had sales revenues of $360,000 in its first year of operations....

80.2K

Verified Solution

Question

Accounting

Tri Fecta, a partnership, had sales revenues of $360,000 in its first year of operations. The partnership has not collected on $35,000 of its sales, and still owes $40,000 on $150,000 of merchandise they purchased. The partnership has $30,000 in inventory at the end of the year. The partnership paid $25,000 in salaries. The partnership paid $2,500 in interest and paid $8,000 for a two-year insurance policy on the first day of business.

Compute net cash flow (cash basis) for the first year for Tri Fecta.

I think I have the answer but I'm not 100% sure.

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!
Become a Member

Other questions asked by students

Q

Case #2 In 2017, Olivia started Sandwich Booth as a producer of fresh sandwiches sold in grocery...

Accounting
Q

Two metal plates having a potential difference of 42 800 V are 2 cm apart...

Physics
Q

Kendall is decorating her bedroom There are 5 shades of paint and 7 styles of...

Geometry
Q

Anita created a batch of green paint by mixing 2 ounces of blue paint with...

Basic Math
Q

(1 point) In a random sample of 90 voters, the proportion of voters in favor...

Basic Math
Q

Fitting a straight line to a set of data yields the following prediction line Complete...

Statistics
Q

Which animal is used for nomadic pastoralism on the Tibetan Plateau O Yak O Llama...

Algebra
Q

image

Accounting
Q

Please answer both questions. A company reported annual income tax expense of $170,000 in...

Accounting
Q

Corporation has the following data as of December 31, : Total Current Liabilities $38,420 Total...

Accounting
Q

The expense recognition (matching) principle requires that expenses get recorded in the same accounting period...

Accounting
Q

Case C The following data applies to BigCo. Inc. (in millions of US $): ...

Finance