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Tri Fecta, a partnership, had 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. There was no inventory on hand at the end of the year. The partnership paid $25,000 in salaries. The partners invested $40,000 in the business and $25,000 was borrowed on a five-year note. The partnership paid $3,000 in interest that was the amount owed for the year and paid $8,000 for a two-year insurance policy on the first day of business. Required: - Compute net income for the first year for Tri Fecta. - Compute the cash balance at the end of the first year for Tri Fecta.

Revenues $360,000 Expenses: Cost of goods sold $150,000 Salaries 25,000 Interest 3,000 Insurance 4,000 Net Income $178,000 - Compute the cash balance at the end of the first year for Tri Fecta. Cash receipts: Sales revenue $360,000 Less: Accounts receivable 35,000 Owners' investments 40,000 Total receipts 390,000 Cash disbursements: Purchases 150,000 Less: Accounts payable 40,000 Salaries paid 25,000 Interest paid 3,000 Insurance paid 8,000 Total cash disbursements 146,000 Ending cash balance $244,000