As of December 31, 2011, Chepas Company had total assets of \(\$ 132,000\), retained earnings of \(\$ 79,600\), and common stock of \(\$ 45,000\). During 2012 Chepas earned \(\$ 42,000\) of cash revenue, paid \(\$ 17,500\) for cash expenses, and paid a \(\$ 1,000\) cash dividend to the stockholders. Chepas also paid \(\$ 5,000\) to reduce its debt during 2012.

Required

a. Determine the amount of liabilities at December 31, 2011.

b. Determine the amount of net income earned in 2012 .

c. Determine the amount of total assets as of December 31, 2012.

d. Determine the amount of total liabilities as of December 31, 2012.