Tri Fecta, a partnership, had revenues of $374,000 in its first year of operations. The partnership has not collected on $45,200 of its sales and still owes $39,000 on $185,000 of merchandise it purchased.

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33 33333333 Tri Fecta, a partnership, had revenues of $374,000 in its first year of operations. The partnership has not collected on $45,200 of its sales and still owes $39.000 on $185,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $27,600 in salaries. The partners invested $48,000 in the business and $25,000 was borrowed on a five-year note. The partnership paid $2,500 in interest that was the amount owed for the year and paid $9,100 for a two-year insurance policy on the first day of business. Compute net income for the first year for Tri Fecta. Multiple Choice O $ 189,000 O $ 228,200 0 $ 161,400 $ 154,350