61.

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

1. Received $89,000 from a group of investors.

2. Bought $8,633 of merchandise, $3,947 for cash and $4,686 on account.

3. Sold merchandise for $21,500, of which $16,958 was for cash and $4,542 was on account; Cost of Goods Sold was 57% of sales.

4. Paid $3,679 to suppliers for merchandise previously bought on account.

5. Paid wages of $5,530.

6. Collected $2,857 from customers on account.

7. Paid $5,300 for rent in advance.

Part 1: What was the balance in the cash account on June 30?

A: $38,408

B: $51,082

C: $67,939

D: $90,359

E: $120,177

F: $159,836

Part 2: What were total assets on June 30?

A: $14,622

B: $21,202

C: $30,742

D: $44,576

E: $64,636

F: $93,722

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

A: $2,278

B: $2,575

C: $2,909

D: $3,288

E: $3,715

F: $4,198