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

Received $88,000 from a group of investors.

Bought $8,398 of merchandise, $3,471 for cash and $4,927 on account.

Sold merchandise for $22,100, of which $17,456 was for cash and $4,644 was on account; Cost of Goods Sold was 51% of sales.

Paid $3,005 to suppliers for merchandise previously bought on account.

Paid wages of $5,520.

Collected $2,994 from customers on account.

Paid $5,000 for rent in advance.

5. What were total assets on June 30?