The year-end financial statements of calloway company contained the following elements and corresponding amounts: assets = $50,000; liabilities = ? ; common stock = $15,000; revenue = $22,000; dividends = $1,500; beginning retained earnings = $3,500; ending retained earnings = $7,500. based on this information, the amount of expenses on calloway's income statement was: a. $27,500.b. $31,500.c. $35,000.d. $42,500.

Yowell company granted a sales discount of $360 to a customer when it collected the amount due on account. yowell uses the perpetual inventory system. which of the following answers reflects the effects on the financial statements of only the discount? assets = liab. + equity rev. − exp. = net inc. cash flow a. (360 ) = na + (360 ) (360 ) − na = (360 ) (360 ) oa b. na = (360 ) + 360 360 − na = 360 na c. (360 ) = na + (360 ) (360 ) − na = (360 ) na d. na = (360 ) + 360 360 − na = 360 na