A Company Had Total Equity of $89,000 on January 1

Multiple Choice

A company had total equity of $89,000 on January 1, 2014. The following information is available for the year ended December 31, 2014: $\begin{array}{|l|r|}\hline 2014 \text { revenues } & \$ 350,000 \\\hline 2014 \text { expenses } & 403,000 \\\hline \text { Liabilities, at December 31, 2014 } & 27,000 \\\hline\end{array}$ What are the total assets of the company at December 31, 2014?

A) $27,000
B) $36,000
C) $53,000
D) $63,000
E) $350,000