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Africa Manufacturing Co. purchased a new machine on January 2, 2017. Data pertaining to this machine are:
Cost of machine of $330,000;
Residual value of $30,000;
life of 6 years.
Problem 1: On July 3, 2019, Africa Manufacturing Co. sold the machine for $285,000. Was there any gains or losses made on this transaction? Indicate the impact of the sale on the income statement, balance sheet, & statement of cash flow. Assume the use of straight-line method.
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Records from previous years indicate an average bridge repair costwas $35,003. Use the sample data to test that the 1993 mean µ isgreater than $35,003.
At December 31, 20x1, Galaxy Inc. owned 90% of Wyatt Corp., a consolidated subsidiary, and 20% of Corner Corp., an investee in which Galaxy cannot exercise significant influence. On the same date, Galaxy had receivables of $300,000 from Wyatt and $20..
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