The financial statements of Calloway Company prepared at the end of the current year contained the following elements and corresponding amounts: Assets = $34,000; Liabilities = ?; Common Stock = $6400; Revenue = $13,800; Dividends = $1450; Beginning Retained Earnings = $4450; Ending Retained Earnings = $8400.Based on this information, what was the amount of expenses reported on Calloway's income statement for the current year?
A. $9850.
B. $3950.
C. $8400.
D. $16,800.
Answer: C
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