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The following information ($ in millions) comes from a recent annual report of Amazon.com, Inc.: Net sales Total assets End oTri Fecta, a partnership, had revenues of $362,000 in its first year of operations. The partnership has not collected on $46,Land was acquired in 2018 for a future building site at a cost of $40,800. The assessed valuation for tax purposes is $27,500Tri Fecta, a partnership, had revenues of $378,000 in its first year of operations. The partnership has not collected on $45,

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Answer #1
Cash at the beginning of the year:
$
End of year balance in cash 1144
Less:Net increase in cash for the year 26
Cash at the beginning of the year 1118
Cash balance at the end of first year:
$
Receipts:
Revenues collected (362000-46700) 315300
Partner's investment 44000
Borrowings 26000
Total receipts A 385300
Payments:
Merchandise purchase (240000-38800) 201200
Salaries paid 34300
Interest paid 3120
Two year insurance 9600
Total payments B 248220
Cash balance at the end of first year A-B 137080
Land should be reported at cost of $ 40800
Net income:
$ $
Revenues 378000
Less:Expenses
Merchandise purchases (Cost of goods sold) 175000
Salaries expense 33700
Interest expense 2700
Insurance expense (8800/2) 4400 215800
Net income 162200
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