Tokyo Corporation owns 70% of Lima Corporation, and Lima Corporation owns 20% of Tokyo Corporation. This pattern of ownership is called Pyramid Ownership A connecting affiliation Mutual Ownership An indirect affiliation An affiliated group 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 140,000 60,000 100,000 120,000 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? $33,000 $80,000 $56,000 None of the answers is correct The Acadia Corporation owns 70% of Biscayne Corporation. During 2012 Biscayne paid $60,000 dividends and had net income of $180,000. The tax rate is 40%. What deferred tax liability should be recognized on the consolidated balance sheet? $16,800 $9,600 $6,720 None of the answers is correct The disadvantages of the partnership form of business organization, compared to corporations, include all the following, except Double taxation Difficulty of raising capital OMutual agency. Unlimited liability. O The financial risk imposed on partners . The Florida-Surfers partnership had the following balance sheet just before its final liquidation: Cash Inventony $80,000 $90,000 120,000 300,000 $500,000 Liabilities Phyllis, Capital (50% of profits and losses) Sara, Capital (20%) Robin, capital (30%) Other Assets 60,000 230,000 $ 500,000 Total Total The "Other Assets" are sold for $180,000 and liquidation expenses are estimated to be $10,000. What distribution, if any, can be made to the partners? Phyllis 80,000; Sara 32,000; Robin 48,000; Phyllis 0; Sara 8,000; Robin 152,000; Phyllis 120,000; Sara 60,000; Robin 230,000 No distribution can be made until all liabilities are fully paid None of the answers is correct