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

Received $87,000 from a group of investors.

Bought $8,092 of merchandise, $3,030 for cash and $5,062 on account.

Sold merchandise for $20,500, of which $15,711 was for cash and $4,789 was on account; Cost of Goods Sold was 51% of sales.

Paid $3,207 to suppliers for merchandise previously bought on account.

Paid wages of $5,830.

Collected $2,686 from customers on account.

Paid $5,600 for rent in advance.

4. What was the balance in the cash account on June 30? $87,730

You are correct. Your receipt no. is 160-4923

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5. What were total assets on June 30?

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6. What was net income in June?