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The Following Information Applies to Questions 21-26

question 29

Multiple Choice

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.
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 balance in accounts receivable did Y Company report at December 31,20X8? A)  $28,000 B)  $48,000 C)  $40,000 D)  $38,000
-Based on the information given,what balance in accounts receivable did Y Company report at December 31,20X8?

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