The following financial statement information is known about the two unrelated companies. Answer the following questions using your knowledge of the financial statement and particularly the Balance Sheet equation:

Company A Company B

December 31, 2016:

Assets 90,000 105,000

Liabilities 38,000 45,000

December 31,2017

Assets 96,000 82,000

Liabilities ? 55,000

During 2017:

Owner Investments 10,000 19,000

Profit (loss) (16,000) ?

Owner withdrawals 5,000 6,000

Required: What was the Liabilities on December 31, 2017 for Company A?