Stockholders' equity for Commerce- GA Corporation on 01/01/2008 and 12/31/2008 were $60,000 and $75,000, respectively. Assets on 01/01/2008 and 12/31/2008 were $115,000 and $105,000, respectively. Liabilities on 01/01/2008 were $55,000. What is the amount of liabilities on 12/31/2008?
A) $30,000
B) $15,000
C) $40,000
D) The amount is indeterminable from the given information.
Correct Answer:
Verified
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