Use the following information to answer this question:

End of year 2018

Cash$10,000

Accounts Receivable15,000

Inventory35,000

Fixed Assets, gross55,000

Accumulated Depreciation15,000

Fixed Assets, net40,000

Accounts Payable25,000

Notes Payable5,000

Long-Term Debt20,000

Common Equity50,000

• The firm currently uses straight-line depreciation.
• No fixed assets are expected to be purchased or sold.
• Current assets and accounts payable vary directly with sales.
• Notes payable will be paid off in the year 2019.
• Depreciation expense in 2014 was $2,000.
• Sales are expected to grow by 50% in 2019.
• All net income is paid out in dividends and no new stock or bonds will be issued or retired.

Calculate total liabilities for the end of the year 2019.