Tri Fecta a partnership had revenues of $377000 in its first year of operations. The partnership has not collected on $46000 of its sales and still owes
$39200 on $195000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $31100 in salaries. The partners
invested $42000 in the business and $22000 was borrowed on a five-year note. The partnership paid $1760 in interest that was the amount owed for the year
and paid $8600 for a two-year insurance policy on the first day of business. Ignore income taxes.