Tri Fecta, a partnership, had revenues of $374,000 in its first year of operations. The...
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Tri Fecta, a partnership, had revenues of {eq}\$374,000 {/eq} in its first year of operations. The partnership has not collected on {eq}\$46,300 {/eq} of its sales and still owes {eq}\$38,200 {/eq} on {eq}\$230,000 {/eq} of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid {eq}\$33,700 {/eq} in salaries. The partners invested {eq}\$49,000 {/eq} in the business and {eq}\$21,000 {/eq} was borrowed on a five-year note. The partnership paid {eq}\$1680 {/eq} in interest that was the amount owed for the year and paid {eq}\$10,000 {/eq} 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. {eq}\$160,520 {/eq}.
b. {eq}\$173,620 {/eq}.
c. {eq}\$168,620 {/eq}.
d. {eq}\$165,520 {/eq}.
Cash Flow:
The cash flow statement helps to understand how the business is generating and utilizing its cash balance. It gives better insight into whether the business is still burning cash or is in cash profit.
Answer and Explanation: 1
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View this answerThe correct option is (a) $160,520
Computation of ending cash balance
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