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 = $30,000; Liabilities = ?; Common Stock = $6,000; Revenue = $13,000; Dividends = $1,250; Beginning Retained Earnings = $4,250; Ending Retained Earnings = $8,000. The amount of liabilities reported on the end-of-period balance sheet was:

A) $22,000.
B) $24,000.
C) $16,000.
D) $19,750.