The Year-End Financial Statements of Calloway Company Contained the Following

Multiple Choice

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.