Tri Fecta, a partnership, had revenues of $370,000 in its first year of operations. The partnership has not collected on $45,600 of its sales and still owes $39,100 on $170,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $32,700 in salaries. The partners invested $49,000 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 $8,800 for a two-year insurance policy on the first day of business.
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