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aedelfrance9250
aedelfrance9250
31.08.2021 • 
Business

ri Fecta, a partnership, had revenues of $363,000 in its first year of operations. The partnership has not collected on $45,100 of its sales and still owes $38,300 on $245,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $30,500 in salaries. The partners invested $41,000 in the business and $28,000 was borrowed on a five-year note. The partnership paid $2,800 in interest that was the amount owed for the year and paid $9,500 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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