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?
Definitions:
Market Trends
The observable patterns or tendencies in a market or industry, indicating the direction in which a market is moving based on various indicators and data.
Market Share
The portion of a market controlled by a particular company or product.
Legal Business Form
The legal structure of an organization defined during registration, such as sole proprietorship, partnership, corporation, or LLC.
Company Objectives
The clearly defined targets or goals that a business aims to achieve over a specific period of time.
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