The financial statements of Calloway Company prepared at the end of the current year contained the following elements and corresponding amounts: Assets = $36,000; Liabilities = ?; Common Stock = $6,600; Revenue = $14,200; Dividends = $1,550; Beginning Retained Earnings = $4,550; Ending Retained Earnings = $8,600. Based on this information, what was the amount of expenses reported on Calloway's income statement for the current year?
A)$8,600
B)$17,200
C)$4,050
D)$10,150

Question

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The Answer of The financial statements of Calloway Company prepared at the end of the current year contained the following elements and corresponding amounts: Assets = $36,000; Liabilities = ?; Common Stock = $6,600; Revenue = $14,200; Dividends = $1,550; Beginning Retained Earnings = $4,550; Ending Retained Earnings = $8,600. Based on this information, what was the amount of expenses reported on Calloway's income statement for the current year?
A)$8,600
B)$17,200
C)$4,050
D)$10,150

The Financial Statements of Calloway Company Prepared at the End