Abyssinia believes its automobile industry is threatened by foreign car makers who have flooded its market with toyota, volvos, and buicks. these foreign car makers require payment in euros and u. s. dollars and will not accept abyssins, the national currency of abyssinia. to discourage the importation of these foreign cars, the abyssinian government has restricted the amount of its own currency that can be converted into these foreign currencies by demanding that importers obtain a license, a practice known as

Tri fecta, a partnership, had revenues of $369,000 in its first year of operations. the partnership has not collected on $45,000 of its sales and still owes $39,500 on $155,000 of merchandise it purchased. there was no inventory on hand at the end of the year. the partnership paid $27,000 in salaries. the partners invested $48,000 in the business and $23,000 was borrowed on a five-year note. the partnership paid $2,070 in interest that was the amount owed for the year and paid $9,500 for a two-year insurance policy on the first day of business. compute net income for the first year for tri fecta.