During Its First Year of Operations,a Company Entered into the Following

Multiple Choice

During its first year of operations,a company entered into the following transactions: Borrowed $20,000 from the bank by signing a promissory note.
Issued stock to owners for $40,000.
Purchased $4,000 of supplies on account.
Paid $1,600 to suppliers as payment on account for the supplies purchased.
What is the amount of total liabilities at the end of the year?

A) $24,000
B) $62,400
C) $64,000
D) $22,400