Tri Fecta, a partnership, had revenues of $379,000 in its first year of operations. The partnership has not collected on $45,100 of its sales and still owes $38,300 on $165,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $28,700 in salaries. The partners invested $46,000 in the business and $24,000 was borrowed on a five-year note. The partnership paid $1,920 in interest that was the amount owed for the year and paid $9,800 for a two-year insurance policy on the first day of business. Compute net income for the first year for Tri Fecta.

Multiple Choice

• $ 254,420

• $ 178,480

• $ 185,300

• $ 214,000