Questions 4, 5, and 6 refer to the following information: X Company, a merchandiser, started business on June 1. The following were June transactions:

Received $82,000 from a group of investors.

Bought $8,636 of merchandise, $3,478 for cash and $5,158 on account.

Sold merchandise for $22,400, of which $17,698 was for cash and $4,702 was on account; Cost of Goods Sold was 53% of sales.

Paid $3,249 to suppliers for merchandise previously bought on account.

Paid wages of $5,430.

Collected $2,621 from customers on account.

Paid $5,900 for rent in advance.

4. What was the balance in the cash account on June 30? $84,262

You are correct. Your receipt no. is 160-305

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5. What were total assets on June 30?

Incorrect.

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6. What was net income in June? $5,098

You are correct. Your receipt no. is 160-6798

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