Tri Fecta, a partnership, had revenues of $369,000 in its first year of operations. The partnership has not collected on $45,900 of its sales and still owes $39,600 on $155,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $32,200 in salaries. The partners invested $46,000 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 $9,500 for a two-year insurance policy on the first day of business. Compute net income for the first year for Tri Fecta.

Multiple Choice

• $181,800

• $174,050

• $258,700

• $214,000