Tri fecta, a partnership, had revenues of $362,000 in its first year of operations. the partnership has not collected on $46,400 of its sales and still owes $38,600 on $200,000 of merchandise it purchased. there was no inventory on hand at the end of the year. the partnership paid $28,100 in salaries. the partners invested $42,000 in the business and $30,000 was borrowed on a five-year note. the partnership paid $2,700 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. compute the cash balance at the end of the first year for tri fecta.

 $185,500

Explanation:

Total cash received = Sales revenue - Accounts receivable + owner's investment + amount borrowed

                                 = $362,000 - $46,400 + $42,000 + $30,000

                                 = $387,600

Total cash disbursement = Merchandise purchased - Accounts payable + Salaries + Interest + Insurance

                                          = $200,000 - $38,600 + $28,100 + $2,700 + $9,900

                                          = $202,100

Ending cash balance = Total cash received - Total cash disbursement

                                   = $387,600 - $202,100

                                   = $185,500

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