166. Valley Company shows the following customer accounts in its subsidiary ledger and the Accounts Receivable account in the general ledger for the month of July. Prepare a schedule of accounts receivable asproof that the subsidiary ledger balances equals the Accounts Receivable controlling account balance. Laredo Spring Dallas Preston 2,500 1,200 5,650 5,650 3,950 1,950 7,200 1,300 0 2,000 7,200 Accounts Receivable 19,300 8,800 10,500 167. HealthCoCompany uses special journals to record transactions. HealthCo uses the perpetual inventory system. Journalize the following transactions in the appropriate special journal. All credit sales have 2/10, n/30 terms. Nov. 3 The company purchased $5,500 of merchandise on credit from Hatch, terms 2/10, n/30. 5 The company sold merchandise costing $5,250 to LevelCompany for $8,900, invoice no. 278. 7 The owner, L. Garvey, contributed $15,000 cash to the company. 8 The company purchased $7,200 of merchandise on credit from GentryCompany, terms 1/15, n/30. 10 The company sold merchandise costing $4,630 to NanceCompany for $8,250, invoice no. 279. 14 The company received payment from LevelCompany for the November 5 sale within the discount period. 15 HealthCopaid salaries of $5,560 for the first half of the month, check no. 214. 16 HealthCoreturned $1,200 of the merchandise purchased on November 8 to GentryCompany. 20 HealthCopaid Gentryfor the purchase on November 8 within the discount period, check no. 215. 22 HealthCopurchased office equipment from ValeCo. costing $12,000 on credit, terms n/30. Sales Journal Date Account Debited Invoice Number PR Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr. Purchases Journal Date Account Date of Invoice Terms PR Accounts Payable Cr. Inventory Dr. Office Supplies Dr. Other Accounts Dr. Cash Receipts Journal 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 Journal Date Ck. No. Payee Account Debited PR Cash Cr. Inventory Cr. Other Accounts Dr. Accounts Payable Dr. General Journal 168. The following information is available for Napa, Inc. (all amounts are in millions): U.S. Canada. Europe Segment sales $7,745 $8,940 $4,780 Segment operating income 2,320 2,455 595 Segment average assets 5,590 8,750 1,480 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?

166. Valley Company shows the following customer accounts in its subsidiary ledger and the Accounts Receivable account in the general ledger for the month of July. Prepare a schedule of accounts...

166. Valley Company shows the following customer accounts in its subsidiary ledger and the Accounts Receivable account in the general ledger for the month of July. Prepare a schedule of accounts receivable asproof that the subsidiary ledger balances equals the Accounts Receivable controlling account balance.

Laredo		Spring		Dallas	Preston
2,500	1,200		5,650	5,650	3,950	1,950	7,200
1,300			0		2,000		7,200

Accounts Receivable
19,300	8,800
10,500

167. HealthCoCompany uses special journals to record transactions. HealthCo uses the perpetual inventory system. Journalize the following transactions in the appropriate special journal. All credit sales have 2/10, n/30 terms.

Nov. 3	The company purchased $5,500 of merchandise on credit from Hatch, terms 2/10, n/30.
5	The company sold merchandise costing $5,250 to LevelCompany for $8,900, invoice no. 278.
7	The owner, L. Garvey, contributed $15,000 cash to the company.
8	The company purchased $7,200 of merchandise on credit from GentryCompany, terms 1/15, n/30.
10	The company sold merchandise costing $4,630 to NanceCompany for $8,250, invoice no. 279.
14	The company received payment from LevelCompany for the November 5 sale within the discount period.
15	HealthCopaid salaries of $5,560 for the first half of the month, check no. 214.
16	HealthCoreturned $1,200 of the merchandise purchased on November 8 to GentryCompany.
20	HealthCopaid Gentryfor the purchase on November 8 within the discount period, check no. 215.
22	HealthCopurchased office equipment from ValeCo. costing $12,000 on credit, terms n/30.

Sales Journal
Date	Account Debited	Invoice Number	PR	Accounts Receivable Dr. Sales Cr.	Cost of Goods Sold Dr. Inventory Cr.

Purchases Journal
Date	Account	Date of Invoice	Terms	PR	Accounts Payable Cr.	Inventory Dr.	Office Supplies Dr.	Other Accounts Dr.

Cash Receipts Journal
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 Journal
Date	Ck. No.	Payee	Account Debited	PR	Cash Cr.	Inventory Cr.	Other Accounts Dr.	Accounts Payable Dr.

General Journal

168. The following information is available for Napa, Inc. (all amounts are in millions):

	U.S.	Canada.	Europe
Segment sales	$7,745	$8,940	$4,780
Segment operating income	2,320	2,455	595
Segment average assets	5,590	8,750	1,480

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?

May 15, 2022

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166. Valley Company shows the following customer accounts in its subsidiary ledger and the Accounts Receivable account in the general ledger for the month of July. Prepare a schedule of accounts...

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