Taryn Corporation
the Accountant for Taryn Corporation Prepared the Following

Essay

Taryn Corporation
The accountant for Taryn Corporation prepared the following list of account balances from the company's records for the year ended December 31,2017:
​
​
$\begin{array}{lrlr}\text { Sales revenue } & \$ 165,000 & \text { Cash } & \$ 30,000 \\\text { Accounts receivable } & 14,000 & \text { Selling expenses } & 44,000 \\\text { Equipment } & 42,000 & \text { Common stock } & 41,000 \\\text { Accounts payable } & 12,000 & \text { Interest income } & 3,000 \\\text { Sal aries and wages expense } & 40,000 & \text { Cost of sales } & 51,000 \\\text { Inventories } & 22,000 & \text { Prepaid expenses } & 2,000 \\\text { Income taxes payable } & 5,000 & \text { Income taxes expense } & 18,000 \\\text { Notes payable } & 20,000 & \text { Retained earnings } & ?\end{array}$ ​
-Read the information for Taryn Corporation and determine the following amounts.
A) Total assets at the end of 2017__________
B) Total liabilities at the end of 2017__________
C) What parties have a claim on Taryn Corporation's assets? Explain you answer in terms of the accounting equation.