Following accounts are related to Galaxy Corporation for the year ended December 31, 2016:

Sales revenue

$165,000

Cash

$ 30,000

Accounts receivable

14,000

Selling expenses

44,000

Equipment

42,000

Common stock

41,000

Accounts payable

12,000

Interest income

3,000

Salaries and wages expense

40,000

Cost of sales

51,000

Inventories

22,000

Prepaid expenses

2,000

Income taxes payable

5,000

Income taxes expense

18,000

Notes payable

20,000

Retained earnings

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Read the information for Galaxy Corporation. Determine the following amounts for Galaxy Corporation:

a)Total assets at the end of 2016

b)Total liabilities at the end of 2016

c)What parties have a claim on Galaxy Corporation' assets? Explain you answer in the terms of the accounting equation.