Fecta, a partnership, had revenues of $378,000 in its first year of operations. The partnership has not collected on $45,800 of its sales and still owes $38.300 on $250,000 of merchandise it purchased. There was no entory on hand at the end of the year. The partnership paid $28,300 in salaries. The partners invested $47,000 in the business and $26,000 was borrowed on a five-year note. The partnership paid $2.340 in interest at was the amount owed for the year and paid $8,800 for a two-year insurance policy on the first day of business. Ignore income taxes. mmpute the cash balance at the end of the first year for Tri Fecta. Multiple Choice O о $165,960 $161,560 ○ $154,060 $158,460

Fecta, a partnership, had revenues of $378,000 in its first year of operations. The partnership has not collected on $45,800 of its sales and still owes $38.300 on $250,000 of merchandise it purchased. There was no entory on hand at the end of the year. The partnership paid $28,300 in salaries. The partners invested $47,000 in the business and $26,000 was borrowed on a five-year note. The partnership paid $2.340 in interest at was the amount owed for the year and paid $8,800 for a two-year insurance policy on the first day of business. Ignore income taxes. mmpute the cash balance at the end of the first year for Tri Fecta. Multiple Choice O о $165,960 $161,560 ○ $154,060 $158,460

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 20CE

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Tri Fecta, a partnership, had revenues of $368,000 in its first year of operations. The partnership has not collected on $45,700 of its sales and still owes $39,900 on $235,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $29,400 in salaries. The partners invested $48,000 in the business and $24,000 was borrowed on a five-year note. The partnership paid $2,640 in interest that was the amount owed for the year and paid $9,300 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 to search $163,660 O $168.310 $162.510 $1578160 O II 8 of 11
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