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At the beginning of June, assets totaled $ 4 5 , 6 0 0 and liabilities totaled $ 1 6 , 5 0 0 .

At the beginning of June, assets totaled $45,600 and liabilities totaled $16,500. During the month, the company earned net income of $15,000 and its assets increased by $7,000. Stockholders' equity increased by $3,200. What are total liabilities at the end of June?
$29,100
None of the answer choices are correct.
$20,300
$5,300
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