Use the balance sheet for Specialty Party Supplies, Inc., at December 31, 2011, to answer the following questions:

1. List the assets the company had on December 31, 2011. Who has claim to these assets?

2. List the liabilities the company had on December 31,2011.

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Specialty Party Supplies, Inc. Balance Sheet At December 31, 2011 Assets Liabilities and Shareholders' Equity .. 5,000 300 465 825 500 300 s 1,770 12,500 Cash... Short-term investments Accounts receivable Inventory Prepaid insurance. Prepaid rent Accounts payable Notes payable (van) . ········· Paid-in capital Retained earnings 4.000 4.120 Mobile grooming van (net) .. 15,000 $22,390 $22,390