Backus Tractor Sales
the Accountant Prepared the Following List of Account

Backus Tractor Sales
The accountant prepared the following list of account balances from the company's records for the year ended December 31, Year 1.
$\begin{array}{lrlr}\text { Sales Revenue } & \$ 1,650,000 & \text { Cash } & \$ 300,000 \\\text { Accounts Receivable } & 140,000 & \text { Selling Expenses } & 440,000 \\\text { Equipment } & 420,000 & \text { Common Stock } & 170,000 \\\text { Accounts Payable } & 120,000 & \text { Interest Income } & 30,000 \\\text { Salaries \& Wages Expense } & 400,000 & \text { Cost of Sales } & 510,000 \\\text { Inventories } & 220,000 & \text { Prepaid Expenses } & 20,000 \\\text { Income Taxes Payable } & 50,000 & \text { Income Taxes Expense } & 180,000 \\\text { Notes Payable } & 200,000 & \text { Retained Earnings } &?\end{array}$

-Determine the following amounts for Backus Tractor Sales:
A) current assets at the end of Year 1
total assets at the end of Year 1

B) current liabilities at the end of Year 1

C) What parties have a claim on the company's assets? Explain your answer in the terms of the accounting equation.