Solution-Compute the cash balance at the end of the first

Compute the cash balance at the end of the first year

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Reference no: EM132684111

Question - Tri Fecta, a partnership, had revenues of $372,000 in its first year of operations. The partnership has not collected on $45,900 of its sales and still owes $39,900 on $175,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $26,900 in salaries. The partners invested $43,000 in the business and $23,000 was borrowed on a five-year note. The partnership paid $2,530 in interest that was the amount owed for the year and paid $9,900 for a two-year insurance policy on the first day of business. Ignore income taxes.

Required - Compute the cash balance at the end of the first year for Tri Fecta.

Reference no: EM132684111

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Compute the cash balance at the end of the first year : Tri Fecta, a partnership, had revenues of $372,000 in its first year of operations. Compute the cash balance at the end of the first year for Tri Fecta

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Compute the cash balance at the end of the first year

Reference no: EM132684111

Reference no: EM132684111

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