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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