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The year-end financial statements of Calloway Company contained the following elements and corresponding amounts: Assets = $32,000, Liabilities = ?
Common Stock = $6,200:
Revenue = $13,400,
Dividends = $1,350,
Beginning Retained Earnings = $4,350
Ending Retained Earnings - $8,200
The amount of liabilities reported on the end-of-period balance sheet was:_________
a) $10.550
b) $17.600
c) $21.450
d) $12.550

Respuesta :

Answer:

b) $17.600

Explanation:

The computation of the liabilities is shown below:

As we know that

Total assets = Total liabilities + total equity

$32,000 = Total liabilities + $8,200 + $6,200

So, the total liabilities is

= $32,000 - $8,200 - $6,200

= $17,600

hence, the option b is correct

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