The year-end financial statements of calloway company contained the following elements and corresponding amounts: assets = $27,000; liabilities = ? ; common stock = $5,700; revenue = $12,400; dividends = $1,100; beginning retained earnings = $4,100; ending retained earnings = $7,700. the amount of liabilities reported on the end of period balance sheet was ?

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

$ 13.600  

Explanation:

Retained Earnings Report  

Opening retained earnings$ 4.100

Add: Net Income$ 4.700

Subtotal$ 8.800

Less: Dividends-$ 1.100

Total$ 7.700

TOTAL ASSETS   $27.000  

TOTAL LIABILITIES   $13.600  

Common Stock   $5.700

Retained Earnings   $7.700  

TOTAL EQUITY   $13.400  

the correct answer is:

it required the president to inform congress within forty-eight hours of any new troop commitment.

the war powers resolution (1973) is a federal law designed to limit the u.s. president’s ability to initiate or intensify military actions abroad without the approval of the congress.

it establishes that the president can send armed forces into action abroad only by declaration of war by congress, statutory authorization, or in case of a national emergency created by attack upon the united states, its territories or possessions, or its armed forces.

it requires the president to notify congress within 48 hours of sending armed forces to military action.