Golden Enterprises started the year with the following: Assets $50,000 Liabilities $15,000 Common Stock $30,000 Retained Earnings $ 5,000 During the year, the company earned revenue of $2,500 all of which was received in cash, and incurred expenses of $1,500 all of which were unpaid as of the end In addition, the company paid dividends of $500 to owners. Assume no other activities occurred during the year. The amount of Golden's liabilities at the end of the year is:a. $15,000b. $16,500c. $14,000d. $16,000
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