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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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