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

Received $88,000 from a group of investors. Bought $8, 216 of merchandise, $3, 433 for cash and $4, 783 on account. Sold merchandise for $20, 400, of which $15, 814 was for cash and $4, 586 was on account; Cost of Goods Sold was 54% of sales. Paid $3, 459 to suppliers for merchandise previously bought on account. Paid wages of $5, 190. Collected $2, 900 from customers on account. Paid $5, 200 for rent in advance. What was the balance in the cash account on June 30? $89, 432 What were total assets on June 30? _________ What was net income in June? 9384