Canyon Corporation The accountant for the Canyon Corporation prepared the following list from the companys...
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Accounting
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?
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