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Question 42 2.5 points Save Answer Paris Corporation owns 70% of London Corporation, and 24% of Rome Corporation. London Corporation owns 30% of Rome Corporation. When Paris prepared its consolidated financial statements, it should include O London and Rome O London but not Rome O Rome but not London O Either London or Rome O Neither London Nor Rome Question 43 2.5 points Save Answe The Big Cvpress partnership had the following balance sheet just before its final liquidation: Cash Inventory $50,000 100,000 Liabilities Phyllis, Capital (30% of profits and losses) Sara, Capital (30%) Robin, Capital (40%) $140,000 110,000 Other Assets 250,000 75,000 75,000 400,000 Total $400,000 Total The inventory was sold for $60,000, the "Other Assets" were sold for $105,000 and liquidation expenses are estimated to be $15,000. Which partner(s) would have had to contribute assets to the partnership to cover a deficit in her capital account? O None of the partners O Phyllis O Sara O Robin O Sara and Robin Question 44 The disadvantages of the partnership form of business organization, compared to corporations, include all the following, except: Double taxation. O Difficulty of raising capital o Mutual agency. O Unlimited liability O The financial risk imposed on partners Question 45 2.5 po The Miami-Divers partnership had the following balance sheet just before its final liquidation Liabilities Phyllis, Capital (50% of profits and losses) Sara, Capital (20%) Cash Inventory $50,000 $70,000 150,000 100,000 250,000 $400,000 Other Assets 90,000 90,000 $ 400,000 | Robin, Capital (30%) Total Total The inventory was sold for $60,000 and liquidation expenses are estimated to be $15,000. What amount of cash is available for safe payments? O No safe payment can be made until all liabilities are fully paid O $25,000 $275,000 O330,000 O None of the answers is correct

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