The Following Information Applies to the Questions Displayed Below

question 53

Multiple Choice

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)$18,500
• B)$13,000
• C)$16,500
• D)$10,000