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? Tries 0/3

5. What were total assets on June 30? Tries 0/3

6. What was net income in June? Tries 0/3