The financial statements of Calloway Company prepared at the end of the current year contained the following elements and corresponding amounts: Assets = $40,000; Liabilities = ?; Common Stock = $7,000; Revenue = $15,000; Dividends = $1,750; Beginning Retained Earnings = $4,750; Ending Retained Earnings = $9,000

Based on information, what was the the amount of expenses on Calloway's in statement for current year.

1. 10750
2. 9000
3. 4250
4. 18000

What was the amount of total liabilities reported on the balance sheet at the end of the current year

1. 11750
2. 24000
3. 28250
4. 13750

What was the amount of total liabilities reported on the balance sheet at the end of the current year

1. 11750
2. 24000
3. 28250
4. 13750