The year-end financial statements of Calloway Company contained the following elements and corresponding amounts: Assets...
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Accounting
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.
Based on this information, the amount of expenses on Calloway's income statement was
Multiple Choice
$9,500.
$7,500.
$500.
$3,500.
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