The following information applies to Questions 21-26
On December 31, 20X8, X Company acquired controlling ownership of Y Company. A consolidated balance sheet was prepared immediately. Partial balance sheet data for the two companies and the consolidated entity at that date follow:
During 20X8, X Company provided consulting services to Y Company and has not yet paid for them. There were no other receivables or payables between the companies at December 31, 20X8.
-Based on the information given,what is the amount of unpaid consulting services at December 31,20X8,on work done by X Company for Y Company?
Definitions:
Cash Dividends
Payments made to shareholders out of a corporation's earnings in the form of cash.
Stable Earnings
Earnings that show little variability and predictability over a period, indicative of financial stability in a company.
Preferred Stock
A type of stock that generally provides dividends to its holders before dividends are issued to common stockholders, and typically has rights to assets before common stock upon liquidation.
Organization Cost
An intangible asset that records the initial cost of forming the corporation, such as legal and incorporating fees. Today, it is being expensed.
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