The year-end financial statements of Calloway Company contained the following elements and corresponding amounts: Assets = $25,000; Liabilities = ?; Common Stock = $5,500; Revenue = $12,000; Dividends = $1,000; Beginning Retained Earnings = $4,000; Ending Retained Earnings = $7,500.

The amount of liabilities reported on the end-of-period balance sheet was:

Multiple Choice

$12,000.

$15,500.

$19,500.

$17,500.