Amarillo company experienced the following events during its first accounting period. (1) purchased $5,000 of inventory on account. (2) returned $1,000 of the inventory purchased in event 1. (3) paid the remaining balance in accounts payable for the inventory purchased in event 1. (4) sold inventory purchased in event 1 for $5,000 to customers on account. at the end of the first accounting period what would be reported on the income statement for net income?

The owners of spokes bicycle shop worry that cash flow this winter may be insufficient to meet the current operating expenses. while they anticipate a surplus of cash inflow as warm weather approaches, they need funds now to meet the company's immediate obligations. the owners can best resolve cash flow concerns by obtaining financing.

The face of a company is often that of the lowest paid employees who meet the customers. select one: true false

Tri fecta, a partnership, had revenues of $369,000 in its first year of operations. the partnership has not collected on $45,000 of its sales and still owes $39,500 on $155,000 of merchandise it purchased. there was no inventory on hand at the end of the year. the partnership paid $27,000 in salaries. the partners invested $48,000 in the business and $23,000 was borrowed on a five-year note. the partnership paid $2,070 in interest that was the amount owed for the year and paid $9,500 for a two-year insurance policy on the first day of business. compute net income for the first year for tri fecta.