Use the Following Information to Answer Questions

question 6

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.
-The amount of liabilities reported on the end-of-period balance sheet was

• A)$27,500.
• B)$31,500.
• C)$35,000.
• D)$42,500.