Shareholders' equity for Raisin Corporation on January 1,2017 and December 31,2017 were $60,000 and $75,000,respectively.Assets on January 1,2017 and December 31,2017 were $115,000 and $105,000,respectively.Liabilities on January 1,2017 were $55,000.What is the amount of liabilities on December 31,2017?
A) $40,000
B) $15,000
C) $30,000
D) $55,000
Correct Answer:
Verified
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