Word-E X Advance Accountin X Q Your Sets | Quizlet X G By how much will ti X + 204015-Examen%20Comprensivo-%20Advanced%20Accounting.pdf Q E ing.... 19/35 - 93% + | 44) At the beginning of 2014, Parling Food Services acquired a 90% interest in Simmons' Orchards when Simmons' book values of identifiable net assets equaled their fair values. On December 26, 2014, Simmons declared dividends of $50,000, and the dividends were unpaid at year-end. Parling had not recorded the dividend receivable at December 31. A consolidated working paper entry is necessary to A) enter $50,000 dividends receivable in the consolidated balance sheet. B) enter $45,000 dividends receivable in the consolidated balance sheet. C) reduce the dividends payable account by $45,000 in the consolidated balance sheet. D) eliminate the dividend payable account from the consolidated balance sheet. Chapter 16 Partnerships - Formation, Operations, and Changes in Ownership Interests 16.1 Multiple Choice Questions 45) Under the Uniform Partnership Act, loans made by a partner to the partnership are treated as A) liabilities to the partnership for which interest shall be paid from the date of the liability. B) advances to the partnership that are carried in the partners' capital accounts. C) Accounts Payable of the partnership for which interest is paid. D) advances to the partnership for which interest does not have to be paid. 46) A partner assigned his partnership interest to a third party. Which statement best describes the legal ramifications to the assignee? A) The assignment of the partnership interest does not entitle the assignee to partnership assets upon a liquidation. B) The assignment dissolves the partnership. C) The assignee has the right to share in the management of the partnership. D) The assignee does not become a partner but has the right to share in future partnership profits and to receive the proper share of partnership assets upon liquidation.