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

Received $91,000 from a group of investors.

Bought $8,599 of merchandise, $3,931 for cash and $4,668 on account.

Sold merchandise for $20,000, of which $15,884 was for cash and $4,116 was on account; Cost of Goods Sold was 55% of sales.

Paid $3,156 to suppliers for merchandise previously bought on account.

Paid wages of $5,590.

Collected $2,996 from customers on account.

Paid $5,300 for rent in advance.

5. What were total assets on June 30?

6. What was net income in June?