Tri Fecta, a partnership, had revenues of $372,000 in its first year of operations. The partnership has not collected on $45,600 of its sales and still owes $39,600 on $200,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $30,500 in salaries. The partners invested $48,000 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 $8,900 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.
$ 299,790
$ 208,710
$ 204,260
$ 198,260