Use the following information to answer the questions. A company reports the following on its balance sheet:

Cash: $10,000

Accounts receivable: $20,000

Inventory: $14,000

Prepaid expenses: $3,000

Property, plant, and equipment: $35,000

Accumulated depreciation: $2,000

Accounts payable: $5,000

Accrued expenses: $6,000

Short-term notes: $7,000

Long-term notes: $10,000

Capital stock: $40,000

Retained earnings: $12,000

1. What are the companys total liabilities?

2. What is the companys total equity?