99. X Company, a merchandiser, started business on June 1. The following were June transactions: 1. Received
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Question:
99.
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 were total assets on June 30?
A: $14,622 | B: $21,202 | C: $30,742 | D: $44,576 | E: $64,636 | F: $93,722 |
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