X Company, a merchandiser, started business on June 1. The following were June transactions: Received $98,000 from a group of investors. Bought $8,542 of merchandise, $3,046 for cash and $5,496 on account. Sold merchandise for $21,000, of which $16,333 was for cash and $4,667 was on account; Cost of Goods Sold was 57% of sales. Paid $3,557 to suppliers for merchandise previously bought on account. Paid wages of $5,540. Collected $2,569 from customers on account. Paid $5,600 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?