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The accounting records of Walls China Shop reflected the following balances as of January 1, Year 3: Cash $ 16,000 Beginning inventory 17,425 (205 @
The accounting records of Walls China Shop reflected the following balances as of January 1, Year 3: Cash $ 16,000 Beginning inventory 17,425 (205 @ $85) Common stock 15,700 Retained earnings 17,725 The following five transactions occurred in Year 3: First purchase (cash): 120 units @ $87 Second purchase (cash): 195 units @ $95 Sales (all cash): 355 units @ $191 Paid $13,100 cash for salaries expense Paid cash for income tax at the rate of 25 percent of income
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