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confused X Company, a merchandiser, started business on June 1 . The following were June transactions: 1. Received $99,000 from a group of investors. 2.
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X Company, a merchandiser, started business on June 1 . The following were June transactions: 1. Received $99,000 from a group of investors. 2. Bought $8,668 of merchandise, $3,015 for cash and $5,653 on account. 3. Sold merchandise for $20,100, of which $15,963 was for cash and $4,137 was on account; Cost of Goods Sold was 55% of sales. 4. Paid $3,172 to suppliers for merchandise previously bought on account. 5. Paid wages of $5,110. 6. Collected $2,662 from customers on account. 7. Paid $6,000 for rent in advance. 4. What was the balance in the cash account on June 30 ? =[==E:$100,328 Tries 0/99 5. What were total assets on June 30 ? Tries 0/99 6. What was net income in June [ignore adusting entries]Step by Step Solution
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