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.

5. What were total assets on June 30?