Tri Fecta, a partnership, had revenues of $374,000 in its first year of operations. The partnership...

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Tri Fecta, a partnership, had revenues of $374,000 in its first year of operations. The partnership has not collected on $45,200 of its sales and still owes $39,000 on $185,000 of merchandise it purchased.

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33 33333333 Tri Fecta, a partnership, had revenues of $374,000 in its first year of operations. The partnership has not colle

business accounting

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Answer 1

Answer #1

The net income shall be calculated on accrual basis and not on cash basis. Hence, the uncollected revenue should br added to the original revenue and all the creditor payments to be made shall be deducted.

The net income of the partnership can be found by substitution of above numbers.

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Answer 2

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