Question :
143.The following information available for some of Branson’s segments (all : 1258270
143.The following information is available for some of Branson’s segments (all amounts are in millions):
North AmericaAsiaCentral America
Segment sales$5,190 $750$2,350
Segment operating income1,4942731,127
Segment average assets4,7005411,382
a. Determine the segment return on assets for each geographic segment.
b. Comment on the results. How do the segments compare with respect to profitability?
a.
144.The Stapleton Company uses special journals for sales, purchases, cash receipts, cash disbursements, and uses a general journal. They operate with a perpetual inventory system. The following transactions occurred during the current month of September:
Sep.1Paid $2,400 cash for monthly rent to Wabash Properties, Check No. 1630.
4Purchased merchandise on credit for $1,800 from Bell Co., terms 2/10, n/30. Invoice dated September 4.
8Sold merchandise on credit for $4,300 to Andrews Co., Invoice No. 413. The cost of the goods sold is $2,750.
10Sold merchandise for $1,500 cash to Lacey Corp., Invoice No. 414. The cost of the good sold is $720.
13Paid amount owed to Bell Co. from September 4 purchase, Check No. 1631.
17Collected $4,300 cash from the Andrews Co. for merchandise sold on September 8.
24Sold merchandise on credit for $4,500 to Frasier Corp., Invoice No. 415. The cost of goods sold is $2,600.
31Purchased office supplies for $3,055 from Maxwell Corp., Check No. 1632.
Record the above transactions into the appropriate journals that follow.
Sales JournalPage 15
Date
Account Debited
Invoice
Number
PRAccounts Receivable Dr.
Sales Cr.Cost of Goods Sold Dr. Inventory Cr.
Purchases JournalPage 16
Date
Account
Date of
Invoice
Terms
PRAccount
Payable Cr.
Inventory Dr.
Office Supplies Dr.Other
Accounts
Dr.
Cash Receipts JournalPage 17
Date
Account Credited
Explanation
PR
Cash
Dr.Sales
Discount Dr.Accounts
Receivable Cr.
Sales Cr.Other
Accounts Cr.Cost of Goods sold Dr. Inventory Cr.
Cash Disbursements JournalPage 22
Date
Ck. No.
Payee
Account Debited
PR
Cash Cr.
Inventory Cr.Other
Accounts Dr.Accounts Payable Dr.
145.The Tigre Company uses special journals for sales, purchases, cash receipts, cash disbursements, and uses a general journal. They operate with a perpetual inventory system. Record the following transactions related to purchases and cash payments that occurred during the current month of June:
3Purchased merchandise on credit for $2,400 from Whistle Co., terms 2/10, n/30. Invoice dated June 3.
5Returned defective merchandise with a cost of $300 to Whistle from the June 3 purchase.
8Purchased equipment on credit from Jackson Co. for $6,700, terms 1/10, n/30.
13Paid amount owed to Whistle Co. from June 3 purchase with Check No. 2117.
30Purchased office supplies for $1,075 from Paperly Corp., Check No. 2118.
Record the above transactions into the appropriate journals shown below.
Purchases JournalPage 12
Date
AccountDate of Invoice
Terms
PRAccounts Payable Cr.
Inventory Dr.
Equipment Dr.Other Accounts Dr.
Cash Disbursements JournalPage 19
DateCk. No.
Payee
Account Debited
PR
Cash Cr.
Inventory Cr.Other Accounts Dr.Accounts Payable Dr.
General Journal
Page 4
DateAccountsPRDr.Cr.
146.The Saginaw Company uses special journals for sales, purchases, cash receipts, cash disbursements, and uses a general journal. They operate with a perpetual inventory system. Record the following transactions related to sales and cash receipts that occurred during the month of August:
Aug. 3Sold $8,700 merchandise to Kline Co., terms 2/10, n/30, Invoice No. 826. The cost of the goods sold was $3,900.
6Sold merchandise on credit for $3,500 to Mentor Corp., Invoice No. 827. The cost of the good sold is $1,750.
10Mentor Corp. returned $750 of defective merchandise from the Aug. 6 sale. The cost of the merchandise was $330.
12Collected amount due from the Kline Co. for merchandise sold on Aug. 3.
31Collected on the Aug. 6 sale to Mentor Corp, net of the return.
Record the above transactions into the appropriate journals that follow.
Sales JournalPage 31
Date
Account DebitedInvoice
Number
PRAccounts Receivable Dr.
Sales Cr.Cost of Goods Sold Dr.
Inventory Cr.
Cash Receipts JournalPage 23
Date
Account Credited
Explanation
PR
Cash
Dr.
Sales
Discount
Dr.
Accounts
Receivable Cr.
Sales Cr.
Other
Accounts
Cr.Cost of Goods sold Dr. Inventory Cr.
General Journal
Page 8
DateAccountsPRDr.Cr.
