[The following information applies to the questions displayed below.] The financial statements of Calloway Company prepared at the end of the current year contained the following elements and corresponding amounts: Assets = $50,000; Liabilities = ?; Common Stock = $15,000; Revenue = $22,000; Dividends = $1,500; Beginning Retained Earnings = $3,500; Ending Retained Earnings = $7,500.Based on this information, what was the amount of expenses reported on Calloway's income statement for the current year?
A. $13,000
B. $18,500
C. $16,500
D. $10,000
Answer: C
Business
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