Reference no: EM133070388

Question - Tri Fecta, a partnership, had revenues of $365,000 in its first year of operations. The partnership has not collected on $46,600 of its sales and still owes $38,200 on $165,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $28,100 in salaries. The partners invested $47,000 in the business and $21,000 was borrowed on a five-year note. The partnership paid $1,890 in interest that was the amount owed for the year and paid $9,600 for a two-year insurance policy on the first day of business. Compute net income for the first year for Tri Fecta.