Taylor and Katy formed a partnership on January 1, 2019. They agreed to contribute $200,000 and $300,000, respectively. During 2019, the partnership reported $500,000 revenues and $325,000 costs and expenses. During 2020, the partnership reported $700,000 revenues and $400,000 cost and expenses. Each partner withdrew $50,000 in 2019 and in 2020. At the beginning of 2021, they decided to liquidate the partnership. After realizing non-cash assets and payment to partnership creditors, the partnership is left with $1,000,000 cash. How much cash Taylor will receive as full settlement of his capital?

Answer rating: 100% (QA)

Katych 300000 10000 Goor Partoros capital statement to con Date to parti... View the full answer