Question

1. Tri Fecta, a partnership, had revenues of $368,000 in its first year of operations. The partnership has not collected on $45,900 of its sales and still owes $39,500 on $175,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $31,800 in salaries. The partners invested $45,000 in the business and $22,000 was borrowed on a five-year note. The partnership paid $2,420 in interest that was the amount owed for the year and paid $9,300 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. 2. Today, Thomas deposited $120,000 in a 3-year, 12% CD that compounds quarterly. What is the maturity value of the CD?        N FV $1 PV $1 FVA $1 PVA $1 FVAD $1 PVAD $1 1 1.03000 0.97087 1.0000    0.97087      1.0300      1.00000      2 1.06090 0.94260 2.0300    1.91347      2.0909      1.97087      3 1.09273 0.91514 3.0909    2.82861      3.1836      2.91347      4 1.12551 0.88849 4.1836    3.71710      4.3091      3.82861      5 1.15927 0.86261 5.3091    4.57971      5.4684      4.71710      6 1.19405 0.83748 6.4684    5.41719      6.6625      5.57971      7 1.22987 0.81309 7.6625    6.23028      7.8923      6.41719      8 1.26677 0.78941 8.8923    7.01969      9.1591      7.23028      9 1.30477 0.76642 10.1591    7.78611      10.4639      8.01969      10 1.34392 0.74409 11.4639    8.53020      11.8078      8.78611      11 1.38423 0.72242 12.8078    9.25262      13.1920      9.53020      12 1.42576 0.70138 14.1920    9.95400      14.6178      10.25262      13 1.46853 0.68095 15.6178    10.63496      16.0863      10.95400      14 1.51259 0.66112 17.0863    11.29607      17.5989      11.63496      15 1.55797 0.64186 18.5989    11.93794      19.1569      12.29607      16 1.60471 0.62317 20.1569    12.56110      20.7616      12.93794

Answer 1