SB The financial statements of...

[The following information applies to the questions displayed below.] The financial statements of Calloway Company prepared at the end of the current year contained the following elements and corresponding amounts: Assets = $50,000; Liabilities = ?; Common Stock = $15,000; Revenue = $22,000; Dividends = $1,500; Beginning Retained Earnings = $3,500; Ending Retained Earnings = $7,500.

TB MC Qu. 01-56 Based on this information, what was the...

Based on this information, what was the amount of expenses reported on Calloway's income statement for the current year?

Multiple Choice

• $18,500

• $13,000

• $16,500

• $10,000