The Following Information Applies to Questions 21-26

question 45

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.

-Based on the information given,X Company and Y Company reported wages payable of

• A) $50,000 and $28,000 respectively.
• B) $60,000 and $32,000 respectively.
• C) $40,000 and $35,000 respectively.
• D) $28,000 and $60,000 respectively.

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Definitions:

Defensive Listening

A form of listening in which the listener takes others' words as personal attacks, often leading to misunderstanding or conflict.

Passive Listening

A listening technique where the listener does not actively engage with the speaker, often missing out on nuances and important information.

Meeting Setup

Meeting setup involves the planning and organization of a meeting, including scheduling, notifying participants, and preparing necessary materials or technology.

Insight

The capacity to gain an accurate and deep understanding of someone or something, often leading to a new perspective.