103:

X Company, a merchandiser, started business on June 1. The following were June transactions:

1. Received $85,000 from a group of investors.

2. Bought $8,714 of merchandise, $3,503 for cash and $5,211 on account.

3. Sold merchandise for $22,400, of which $18,184 was for cash and $4,216 was on account; Cost of Goods Sold was 56% of sales.

4. Paid $3,691 to suppliers for merchandise previously bought on account.

5. Paid wages of $5,740.

6. Collected $2,879 from customers on account.

7. Paid $5,000 for rent in advance.

Part 1. What were the total liabilities on June 30?

Part 2. What were the total assets on June 30?

Part 3. What was net income in June [ignore adusting entries]?