Tri Fecta, a partnership, had revenues of $374,000 in its first year of operations. The partnership has not collected on $46,400 of its sales and still owes $39,200 on $165,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $27,200 in salaries. The partners invested $40,000 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 $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. Multiple Choice $228,800 $258,250 $236,000 $240,150 The following information ( $ in millions) comes from a recent annual report of Orinoco.com, Incorporated: Compute Orinoco's cost of goods sold for the year. Multiple Choice $5,169 $7,218 $4,455 $8,357 If the required adjusting entry for prepaid rent that has expired for the period is omitted: Multiple Choice assets will be overstated and net income overstated. assets will be understated and net income understated. assets will be understated and net income overstated. assets will be overstated and net income understated