Canyon Corporation
the Accountant for the Canyon Corporation Prepared the Following

question 20

Essay

Canyon Corporation
The accountant for the Canyon Corporation prepared the following list from the company's accounting records for the year ended December 31, 2016: $$\begin{array} { l r l r } \text { Retained earnings } & ? & \text { Prepaid expenses } & \$ 3,000 \\\text { Cash } & \$ 7,000 & \text { Common stock } & 40,000 \\\text { Accounts payable } & 15,000 & \text { Accounts receivable } & 17,000 \\\text { Sales revenue } & 125,000 & \text { Interest income } & 500 \\\text { Cost of sales } & 70,000 & \text { Salary expense } & 4,000 \\\text { Land } & 75,000 & \text { Income tax expense } & 200 \\\text { Notes payable } & 15,000 & \text { Selling expense } & 45,000 \\\text { Inventory } & 20,000 & \text { Salaries payable } & 5,000\end{array}$$ ​
​
-Read the information for Canyon Corporation.Using good form, prepare a Balance Sheet for the Canyon Corporation.

---

Definitions:

Equal Consideration

The principle of treating all parties with impartiality and fairness, without discrimination.

Hostile Work Environments

Environments in the workplace where harassment or discriminatory conduct makes it difficult for an employee to work.

Science, Engineering, And Technology

Collective fields of study and application dedicated to understanding natural phenomena and solving practical problems.

Workplace

The location or environment where individuals engage in professional or vocational activities.