St. Joe, a partnership, had revenues of $368,000 in its first year of operations. The partnership has not collected on $46,000 of its sales and still owes $39,600 on $180,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $29,700 in salaries. The partners invested $48,000 in the business and $20,000 was borrowed on a five-year note. The partnership paid $2,200 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. Compute net income for the first year for S%.loe. 366, - 46,000 A. $ 152,100 B. $ 188,000 C. $227,900 D. $158,300 16. Excerpts from Dowling Company's December 31, 2018 and 2017, financial statements and key ratios are presented below (all numbers are in millions): 2018 2017 $43,000 49,000 185,000 115,000 412,000 232,000 35,000 $54,000 35,000 194,000 128,000 Accounts receivable Merchandise inventory Net sales Cost of goods sold Total assets Total shareholders' equity Net income 439,000 254,000 43,000 Dowling's 2018 receivable turnover is (rounded): A. 8.13 B. 4.00 C. 2.37 D. 3.46