Compute the cash balance at the end of the first year

Assignment Help Financial Accounting

Reference no: EM13790754

Tri Fecta, a partnership, had revenues of $372,000 in its first year of operations. The partnership has not collected on $45,600 of its sales and still owes $39,600 on $200,000 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 $48,000 in the business and $26,000 was borrowed on a five-year note. The partnership paid $2,340 in interest that was the amount owed for the year and paid $8,900 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.

$ 299,790

$ 208,710

$ 204,260

$ 198,260

Reference no: EM13790754

Questions Cloud

Dodd-frank and sarbanes-oxley acts : An explanation of what relationship the Dodd-Frank and Sarbanes-Oxley Acts have to financial markets and what are the similarities or differences between these Acts.

Team discussion about ifrs versus gaap : Write a 700- to 1,050-word summary of the team's discussion about IFRS versus GAAP, based on your team collaborative discussions. The summary should be structured in a subject-by-subject format. An introduction and a conclusion are needed. Your es..

Produce estimates bad debt expense : Calistoga Produce estimates bad debt expense at 0.30% of credit sales. The company reported accounts receivable and allowance for uncollectible accounts of $474,000 and $1,640, respectively, at December 31, 2012.

What is the cost of goods available for sale : Northwest Fur Co. started 2013 with $100,000 of merchandise inventory on hand. During 2013, $450,000 in merchandise was purchased on account with credit terms of 2/15, n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. Ass..

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. The partnership has not collected on $45,600 of its sales and still owes $39,600 on $200,000 of merchandise it purchased. There was no inventory on hand at the end of..

Code of professional conduct principles : 1) Which is NOT one of the AICPA's Code of Professional Conduct principles?

Salaries expense in its income statement : Schneider Inc. had salaries payable of $60,000 and $91,500 at the end of 2012 and 2013, respectively. During 2013, Schneider recorded $621,200 in salaries expense in its income statement. Cash outflows for salaries in 2013 were:

What were net sales for the year-inventory balance : Robertson Corporation's inventory balance was $25,500 at the beginning of the year and $38,000 at the end. The inventory turnover ratio for the year was 5.8 and the gross profit ratio 35%. What were net sales for the year?

Annuity settlement options to meet specific retirement needs : Investors can invest in a wide variety of annuities and can also use different annuity settlement options to meet specific retirement needs. For each of the following retirement objectives, identify either (1) a specific annuity or (2) an annuity set..

User Account

All Pages