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# Tri Fecta, a partnership, had revenues of \$372,000 in its first year

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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
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.

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Solution
D) \$198,260
Compute the cash balance at the end of the first year for
Tri Fecta:
Particulars Amount
Cash receipts :
Sales revenue = \$372,000
Less: A/R = \$45,600
__________
Net Sales \$326,400
Partner Investment \$48,000
Bank loan \$26,000
___________
Total Receipts \$400,400
Less:
Cash disbursements:
Purchases = \$200,000
Less A/P = \$39,600
____________
\$160,400
Salaries = \$30,500

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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 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 n ...
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