The accounting records of Wall's China Shop reflected the following balances as of January 1,...
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Accounting
The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2. Cash $ 16,100 Beginning inventory 12,760 (145 units @ $88) Common stock 14,900 Retained earnings 13,960 The following five transactions occurred in Year 2: First purchase (cash): 120 units @ $90 Second purchase (cash): 205 units @ $98 Sales (all cash): 435 units @ $190 Paid $16,950 cash for salaries expenses Paid cash for income tax at the rate of 40
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