Use the Following Information to Answer Questions

question 48

Multiple Choice

Use the following information to answer questions
The year-end financial statements of Calloway Company 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,the amount of expenses on Calloway's income statement was

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

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Definitions:

Conveyance

The legal process of transferring property, including real estate, from one party to another.

Quitclaim Deeds

A legal document transferring the grantor's interest in property without any warranty of title, often used between family members or in divorce settlements.

Grantor

In legal contexts, this refers to the individual or entity that creates a trust, conveys property, or grants a right.

Warranties of Title

Legal guarantees provided by a seller to a buyer that they have the rightful ownership of the item or property being sold and have the right to sell it.