Land Services, Inc. owns 30% of voting stock of World Investments, Inc. During the year 2018, World Investments, Inc. earned profits of $320,000. Under the equity method, which of the following journal entries will Land Services record? 2.) Shelcal, Inc. provides the following data for the year 2019: Net Sales Revenue 397,630 Cost of Goods Sold 255,000 The cost of goods sold as a percentage of net sales revenue is ________. (Round your answer to two decimal places.)

Land Services, Inc. owns 30% of voting stock of World Investments, Inc. During the year 2018, World Investments, Inc. earned profits of $320,000. Under the equity method, which of the following journal entries will Land Services record? 2.) Shelcal, Inc. provides the following data for the year 2019: Net Sales Revenue 397,630 Cost of Goods Sold 255,000 The cost of goods sold as a percentage of net sales revenue is ________. (Round your answer to two decimal places.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

1.) Land Services, Inc. owns 30% of voting stock of World Investments, Inc. During the year 2018, World Investments, Inc. earned profits of $320,000. Under the equity method, which of the following journal entries will Land Services record?

2.)

Shelcal, Inc. provides the following data for the year 2019:

Net Sales Revenue	397,630
Cost of Goods Sold	255,000

The cost of goods sold as a percentage of net sales revenue is ________. (Round your answer to two decimal places.)

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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