The financial statements of Calloway Company prepared at the end of the current year contained the following elements and corresponding amounts: Assets = $33,000; Liabilities = ?; Common Stock = $6,300; Revenue = $13,600; Dividends Beginning Retained Earnings Retained Earnings = $8,300. = = $1,400; $4,400; Ending a). Based on this information, what was the amount of expenses reported on Calloway's income statement for the current year? b). What was the amount of total liabilities reported on the balance sheet as of the end of the current year?

Financial Accounting
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Author:Carl Warren, James M. Reeve, Jonathan Duchac
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Chapter2: Analyzing Transactions
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Problem 23E: The following data (in millions) are taken from the financial statements of Target Corporation: a....
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General finance

The financial statements of Calloway Company
prepared at the end of the current year contained
the following elements and corresponding amounts:
Assets = $33,000; Liabilities = ?; Common Stock =
$6,300; Revenue = $13,600; Dividends
Beginning Retained Earnings
Retained Earnings = $8,300.
=
=
$1,400;
$4,400; Ending
a). Based on this information, what was the amount
of expenses reported on Calloway's income
statement for the current year?
b). What was the amount of total liabilities reported
on the balance sheet as of the end of the current
year?
Transcribed Image Text:The financial statements of Calloway Company prepared at the end of the current year contained the following elements and corresponding amounts: Assets = $33,000; Liabilities = ?; Common Stock = $6,300; Revenue = $13,600; Dividends Beginning Retained Earnings Retained Earnings = $8,300. = = $1,400; $4,400; Ending a). Based on this information, what was the amount of expenses reported on Calloway's income statement for the current year? b). What was the amount of total liabilities reported on the balance sheet as of the end of the current year?
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