Erin,Sarah,and Timmy Are Equal Partners in EST Partnership

question 25

Multiple Choice

Erin,Sarah,and Timmy are equal partners in EST Partnership.Sarah also owns 40% of Elton Corporation.The remaining shareholders of Elton Corporation are: Erin (24%) and Sarah's uncle (36%) .What percent ownership does Sarah directly or constructively own in Elton Corporation?

• A)40%
• B)64%
• C)76%
• D)100%

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Definitions:

Reference Column

A column in tables or spreadsheets used to cite information or to cross-reference data within the table or spreadsheet.

Check Marks

Symbols used to indicate approval, accuracy, completion, or the selection of an option.

Special Journals

Customized accounting journals used to categorize and record specific types of financial transactions efficiently.

Crossfooting

A method used in accounting to check the arithmetic accuracy of figures by adding columns of numbers both vertically and horizontally and comparing the totals.