Tri fecta, a partnership, had revenues of $367,000 in its first year of operations. the partnership has not collected on $45,800 of its sales and still owes $39,600 on $240,000 of merchandise it purchased. there was no inventory on hand at the end of the year. the partnership paid $26,200 in salaries. the partners invested $47,000 in the business and $26,000 was borrowed on a five-year note. the partnership paid $2,860 in interest that was the amount owed for the year and paid $9,300 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) $ 332,110
b) $ 161,640
c) $ 166,290
d) $ 155,440

$ 155,440

Explanation:

Receipt:  

Cash received from customer(367,000 - 45,800)           321,200

Investment                                                                           47,000

Borrowed money                                                                26,000

Total Receipts                                                                   394,200

Disbursement:  

Payment to vendor(240,000 - 39,600)                           200,400

Salary                                                                                   26,200

Interest                                                                                   2,860

Insurance policy                                                                     9,300

Total Disbursement (B)                                                       238,760

Cash balance (A - B)                                                            155,440

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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