Question
Canyon Corporation The accountant for the Canyon Corporation prepared the following list from the companys accounting records for the year ended December 31, 2014: Retained
Canyon Corporation
The accountant for the Canyon Corporation prepared the following list from the companys accounting records for the year ended December 31, 2014:
| Retained earnings | ? |
| Prepaid expenses | $ 3,000 |
| Cash | $ 7,000 |
| Common stock | 40,000 |
| Accounts payable | 15,000 |
| Accounts receivable | 17,000 |
| Sales revenue | 125,000 |
| Interest income | 500 |
| Cost of sales | 70,000 |
| Salary expense | 4,000 |
| Land | 75,000 |
| Income tax expense | 200 |
| Notes payable | 15,000 |
| Selling expense | 45,000 |
| Inventory | 20,000 |
| Salaries payable | 5,000 |
Read the above information for Canyon Corporation. Determine the following amounts for Canyon Corporation.
What is the composition of total assets?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started