Question 38 2.5 points Save An The Fakahatchee partnership currently has the following balance sheet: Cash Other Assets Eva, loan $75,000 155,000 50,000 Accounts Payable Alice, loan Eva, capital Debora, capital Alice, capital $80,000 40,000 58,000 55,000 47,000 280,000 Total $280,000 Total Eva, Debora and Alice share profits and losses 3:2:5 respectively. You were asked by the partners to prepare a proposed schedule of liquidation. What will be the partners' capital beginning balances on the schedule of liquidation (after taking into account partners loans)? O Eva 58,000; Debora 55,000; Alice 47,000; O Eva 8,000; Debora 55,000; Alice 87,000; Eva 108,000; Debora 55,000; Alice 87,000; O Eva 8,000; Debora 55,000; Alice 7,000; O None of the answers is correct Question 39 2.5 points Save Answer The Everglades partnership is being liquidated due to the insolvency of one of its partner, Sharon. The current capital balances are as follows: Sharon Rachel Shana Anna The partners share profits and losses 3:5:1:1, respectively. The partnership currently hold assets reported at $570,000 and liabilities of $150,000. Sharon's creditors have filed a $90,000 claim against the partnership's assets. If the assets can be sold for $370,000, what is the minimum amount that Sharon's creditors would collect? 140,000 60,000 100,000 120,000 O $33,000 O $80,000 O $56,000 O None of the answers is correct Question 40 2.5 points Save Ansv Ruth invested $100,000 in the Doing Great partnership. The partnership is now being liquidated and Ruth has a deficit balance of $30,000. Which of the following statement is true? O Ruth responsibility and loss is constrained to the original $100,000 investment. O Ruth is responsible to pay the partnership additional $30,000, even if she would need to sell her personal assets in order to afford this payment. O Ruth should cover her deficit only if she can easily afford it. O Ruth is legally required to declare personal bankruptcy O Ruth should initiate legal proceedings against the partnership Question 41 2.5 Tokyo Corporation owns 70% of Lima Corporation, and Lima Corporation owns 20% of Tokyo Corporation. This pattern of ownership is called: O Pyramid Ownership O A connecting affiliation O Mutual Ownership An indirect affiliation O An affiliated group