What hooties inc had total liabilities of

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Problem 1: Hooties Inc. had total assets of $40,000, total liabilities of $20,000, and total contributed capital of $8,000 at the beginning of 2019. During 2019, Hooties Inc. earned net income of $50,000 and paid cash dividends of $10,000. At the end of 2019, Hooties Inc. had total assets of $80,000 and its total contributed capital remained at $8,000. At the end of 2019, Hooties Inc. had total liabilities of:

Option 1: $28,000

Option 2: $0

Option 3: $20,000

Option 4: $32,000

Reference no: EM132699218

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