Tri Fecta, a partnership, had revenues of $368,000 in its first year of operations. The partnership has not collected on $46,800 of its sales and still owes $38,400 on $195,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $29,300 in salaries. The partners invested $46,000 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. Compute net income for the first year for Tri Fecta.

Multiple Choice

• $213,690

• $173,000

• $136,410

• $143,700