Tri Fecta, a partnership, had revenues of $377,000 in its first year of operations. The partnership has not collected on $46,000 of its sales and still owes $39,200 on $195,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $31,100 in salaries. The partners invested $42,000 in the business and $22,000 was borrowed on a five-year note. The partnership paid $1,760 in interest that was the amount owed for the year and paid $8,600 for a two-year insurance policy on the first day of business. Ignore income taxes.