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.

4. What was the balance in the cash account on June 30? 5. What were total assets on June 30?

6. What was net income in June?