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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 = $22,000; Liabilities = ?; Common Stock = $5,200; Revenue = $11,400; Dividends = $850; Beginning Retained Earnings = $3,850; Ending Retained Earnings = $7,200. The amount of liabilities reported on the end-of-period balance sheet was:

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