Acompany’s financial records at the end of the year included the following amounts: cash $ 70,600 accounts receivable 28,600 supplies 4,600 accounts payable 10,600 notes payable 5,300 retained earnings, beginning of year 17,600 common stock 46,000 service revenue 49,100 wages expense 8,600 advertising expense 5,600 rent expense 10,600 what is the amount of total assets to be reported on the balance sheet at the end of the year?

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.