Multiple Choice
On December 31,20X8,Pancake Company acquired controlling ownership of Syrup 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,Pancake Company provided consulting services to Syrup 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 Pancake Company for Syrup Company?
A) $0
B) $10,000
C) $5,000
D) $15,000
Correct Answer:
Verified
Correct Answer:
Verified
Q24: On January 1,20X8,Parsley Corporation acquired 75 percent
Q25: On January 1,20X6,Pumpkin Corporation acquired 70 percent
Q26: On January 1,20X6,Plus Corporation acquired 90 percent
Q27: On January 1,20X9,Pirate Corporation acquired 80 percent
Q28: On December 31,20X8,Peak Corporation acquired 80 percent
Q30: On January 1,20X6,Plus Corporation acquired 90 percent
Q31: On January 1,20X6,Pumpkin Corporation acquired 70 percent
Q32: On December 31,20X8,Pancake Company acquired controlling ownership
Q33: Pink Inc.sells half of its 70% interest
Q34: On January 1,20X9,Pirate Corporation acquired 80 percent