7) Michael Company reports the following account balances at the end of the first year of operations: $130,000 $47,000 $%20,000 12,000 $18,000 10,000 $15,000 $107,000 $45,000 50,000 evenues ther Expenses alaries Expense ividends Utilities Expense dvertising Expense uildin ash and ommon Stock What are total liabilities at the end of the first vear? A) $167,000 B) $90,000 C) $94,000 D) $50,000