Segment Revenue Vertical Analysis Newton Corporation is one of the world's largest entertainment companies that includes Gravity films, Apple Broadcasting, Gravity News, the GR, and various satellite, cable, and publishing properties. The company provided revenue disclosures by its major product segments in the notes to its financial statements as follows:
a. Using the revenue disclosures by major product segment listed below, provide a vertical analysis of the product segment revenues. Round all percents to one decimal place.
Major Product Segments For a Recent Year (in millions)
Percent (%)
Filmed Entertainment $17,954 %
Television 11,291 %
Cable Network Programming 8,083 %
Direct Broadcast Satellite Television 5,985 %
Magazines and Inserts 1,296 %
Newspapers 10,304 %
Book Publishing 3,579 %
Other 3,208 %
Total revenues $ 61,700 %
Revenue Journal; Accounts Receivable Subsidiary and General Ledgers
Newton Learning Centers was established on May 20, 2014, to provide educational services. The services provided during the remainder of the month are as follows:
May 21.
Issued Invoice No. 1 to J. Dunlop for $135 on account.
May 22.
Issued Invoice No. 2 to K. Todd for $570 on account.
May 24.
Issued Invoice No. 3 to T. Patrick for $125 on account.
May 25.
Provided educational services, $225, to K. Todd in exchange for educational supplies.
May 27.
Issued Invoice No. 4 to F. Mintz for $335 on account.
May 28.
Issued Invoice No. 5 to D. Chase for $300 on account.
May 30.
Issued Invoice No. 6 to K. Todd for $235 on account.
May 31.
Issued Invoice No. 7 to T. Patrick for $155 on account.
Required:
1a. Journalize the transactions (in chronological order) for May, using a single-column revenue journal. If an amount box does not require an entry, leave it blank.
1b. Journalize (including the date) and post the appropriate transaction for May, in the two-column general journal. If an amount box does not require an entry, leave it blank. Posting references will be recorded in part 2
1c. Post to the following customer accounts in the accounts receivable ledger, and insert the balance immediately after recording each entry: D. Chase; J. Dunlop; F. Mintz; T. Patrick; K. Todd.
For those boxes in which no entry is required, leave the box blank.
2. Post the revenue journal and the general journal to the following accounts in the general ledger, inserting the account balances only after the last postings: http://cvg. cengagenow. com/ilrn/books/waac25h/images/ch05/ waac25h_c_ch05_pr5_1a1.gif
For those boxes in which no entry is required, leave the box blank.
3a. What is the sum of the balances of the customer accounts in the subsidiary ledger at May 31? $
3b. What is the balance of the accounts receivable controlling account at May 31? $
Revenue Journal and Cash Receipts Journals; Accounts Receivable subsidiary and General Ledgers