Business, 01.08.2020 17:01 ashlpiriz123
Tri Fecta, a partnership, had revenues of $373,000 in its first year of operations. The partnership has not collected on $45,200 of its sales and still owes $38,700 on $170,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $27,100 in salaries. The partners invested $41,000 in the business and $25,000 was borrowed on a five-year note. The partnership paid $2,250 in interest that was the amount owed for the year and paid $8,000 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.
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Tri Fecta, a partnership, had revenues of $373,000 in its first year of operations. The partnership...
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