Allen partnership, had revenues of $362,000 in its first year of operations. The partnership has not collected on $45,700 of its sales and still owes $38,100 on $165,000 of merchandise It purchased. There was no Inventory on hand at the end of the year. The partnership paid $34,100 in salarles. The partners Invested $48,000 in the business and $29,000 was borrowed on a five-year note. The partnership paid $3,190 In Interest that was the amount owed for the year and paid $8,200 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 Allen. Multiple Choice $277,090 $228,510 $220.910 $232,610