Problem 1 The accountant for Travis Corporation prepared the following list of account balances from the company's records for the year ended December 31, 2012: 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 ? Read the information for Travis Corporation. Determine the following amounts for Travis Corp. A) Total assets at the end of 2012 B) Total liabilities at the end of 2012 C) What parties have a claim on Travis Corporation's assets? Explain you answer in the terms of the accounting equation