The financial statements of Calloway Company prepared at the end of the current year contained the following elements and corresponding amounts: Assets = $36,000; Liabilities = ?; Common Stock = $6600; Revenue = $14,200; Dividends = $1550; Beginning Retained Earnings = $4550; Ending Retained Earnings = $8600.What was the amount of total liabilities reported on the balance sheet as of the end of the current year?
A. $13,150.
B. $24,850.
C. $20,800.
D. $11,150.
Answer: C
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