Compute the cash balance at the end of the first year

Assignment Help Accounting Basics

Reference no: EM131023277

Tri Fecta, a partnership, had revenues of $363,000 in its first year of operations. The partnership has not collected on $46,000 of its sales and still owes $38,400 on $235,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $28,200 in salaries. The partners invested $49,000 in the business and $25,000 was borrowed on a five-year note. The partnership paid $3,000 in interest that was the amount owed for the year and paid $8,300 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.

a) $162,500
b) $154,900
c) $166,650
d) $159,050

Reference no: EM131023277

Questions Cloud

Flip has a health insurance plan : Flip has a health insurance plan that has a $500 deductible and 85% coinsurance. Flip is hospitalized and the hospital bill is $30,000. How much will insurance pay of the $30,000? Both Danny and Kaela work at Comcast. They each make $70,000 a yea..

Why did this increase in unemployment occur : Was the inflation rate in 1970 likely to have been higher or lower than the inflation rate in 1969? Does your answer depend on whether the recession that began in December 1969 was caused by a change in a component of aggregate demand or by a supp..

Compute the marginal product of capital : Compute the marginal product of capital and the marginal product of labor for fK¸ L. Are they positive or negative - What type of economic policy did Krugman argue for? Why use this policy?

Prepare a payoff table and develop a decision tree : Bill Holliday is not sure what she should do. He can either build a quadplex (i.e., a building with four apartments), build a duplex, gather additional information, or simply do nothing. If he gathers additional information, the results could be eith..

Compute the cash balance at the end of the first year : Compute the cash balance at the end of the first year for Tri Fecta.a) $162,500b) $154,900c) $166,650d) $159,050

There are many possible-staffing tools to help : There are many possible-staffing tools to help forecast later job performance. How do you decide which ones to use? (Minimum 300 words) **Must cite sources

Us gaap and uk national rules : Identify and discuss factors that may account for the existing differences in practices between US GAAP and UK national rules.

Advantages and two disadvantages to fabian of working : Identify and explain two advantages and two disadvantages to Fabian of working for himself rather than being an employee of another business.

What is the percentage increase in books : You have three hundred books and you decide to purchase an additional one hundred books. What is the percentage increase in books

User Account

All Pages