Canyon Corporation
the Accountant for Canyon Corporation Prepared the Following

question 194

Essay

Canyon Corporation
The accountant for Canyon Corporation prepared the following list from the company's accounting records for the year ended December 31,2017:
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$\begin{array}{lrlr}\text { Retained earnings } & ? & \text { Prepaid expenses } & \$ 3,000 \\\text { Cash } & \$ 7,000 & \text { Common stock } & 40,000 \\\text { Accounts payable } & 15,000 & \text { Accounts receivable } & 17,000 \\\text { Sales revenue } & 125,000 & \text { Interest income } & 500 \\\text { Cost of sales } & 70,000 & \text { Sal ary expense } & 4,000 \\\text { Land } & 75,000 & \text { Income tax expense } & 200 \\\text { Notes payable } & 15,000 & \text { Selling expense } & 45,000 \\\text { Inventory } & 20,000 & \text { Sal aries payable } & 5,000\end{array}$ ​
-Read the information for Canyon Corporation and determine the following amounts.
A) Stockholders' equity at the end of 2017 ._______
B) Retained earnings at the end of 2017 .___________
C) Name two events that might cause stockhol ders' equity to decrease.

Interpret and construct truth tables for various logical statements.

Determine the relationship between statements based on their logical structure and truth values.

Distinguish between logical operations in terms of their impact on truth values.

Recognize how the modification of a statement’s components affects its logical classification.

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Definitions:

Arrow's Impossibility Theorem

A theorem that demonstrates the impossibility of devising a social welfare function that satisfies all of a specified set of reasonable conditions simultaneously.

Majority Rule

A decision-making rule in which policies or choices are decided based on the preference of the majority of participants.

Transitive Preferences

A condition in decision-making where if an individual prefers option A over B, and B over C, then the individual also prefers A over C.

Condorcet

A method of decision making, named after the French mathematician Marquis de Condorcet, that identifies the option that would win a majority of votes in all possible pairings against each of the other options.