As of December 31 2016 Cancon Company has assets of $42000 and owner's equity of $22000. What are the liabilities for Cancon Company as of December 31 2016?

A) $22000.
B) $20000.
C) $42000.
D) $64000.

Liabilities

Financial obligations or debts a company owes to others, payable in money, goods, or services.

Owner's Equity

The residual interest in the assets of an enterprise after deducting its liabilities.

Assets

Resources owned or controlled by a company that are expected to provide economic benefits or value in the future.