johnsonarande8712 johnsonarande8712

21-08-2020
Business

contestada

X Company purchased land for cash from Y Company. Based on this information alone, the number of reporting entities is ______.

Respuesta :

24-08-2020

Answer:

2 (two)

Explanation:

Company X and Company Y are known as reporting entities because they have to prepare financial statements based on their transactions. Company X is the buyer and Company Y is the Seller.

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