The financial statements of Calloway Company prepared at the end of the current year contained the following elements and corresponding amounts: Assets = $32,000; Liabilities = ?; Common Stock = $6200; Revenue = $13,400; Dividends = $1350; Beginning Retained Earnings = $4350; Ending Retained Earnings = $8200.What was the amount of total liabilities reported on the balance sheet as of the end of the current year?
A. $12,550
B. $21,450
C. $10,550
D. $17,600
Answer: D
Business
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