The Following Information Was Extracted from the Accounting Records of Hemingway's

Multiple Choice

The following information was extracted from the accounting records of Hemingway's Company: $\begin{array}{ll}\text { Beginning Paid- In Capital } & \$ 87,000 \\\text { Beginning R etained Earnings } & \$ 211,000 \\\text { Beginning As sets } & \$ 455,000\end{array}$ During the period assets increased by $150,000, revenues were $200,000, and expenses were $165,000. No additional investments were made by the owners. The amount of Hemingway Company's liabilities at the beginning of the period is:

A) $157,000
B) $224,000
C) $331,000
D) $579,000