Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Tri Fecta, a partnership, had revenues of $366,000 in its first year of operations. The partnership has not collected on $45,500 of its sales and

Tri Fecta, a partnership, had revenues of $366,000 in its first year of operations. The partnership has not collected on $45,500 of its sales and still owes $39,500 on $180,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $33,700 in salaries. The partners invested $46,000 in the business and $26,000 was borrowed on a five-year note. The partnership paid $2,600 in interest that was the amount owed for the year and paid $8,300 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 Tri Fecta. O A) $213,400 O B) $217,550 C) $207,400 O D) $211,550
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting A User Perspective

Authors: Robert E. Hoskin, Maureen R. Fizzell, Donald C. Cherry

4th Canadian Edition

0470834455, 978-0470834459

More Books

Students also viewed these Accounting questions