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

Received $95,000 from a group of investors.

Bought $8,560 of merchandise, $3,555 for cash and $5,005 on account.

Sold merchandise for $22,400, of which $18,332 was for cash and $4,068 was on account; Cost of Goods Sold was 54% of sales.

Paid $3,331 to suppliers for merchandise previously bought on account.

Paid wages of $5,450.

Collected $2,531 from customers on account.

Paid $6,000 for rent in advance.

4. What was the balance in the cash account on June 30?

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5. What were total assets on June 30?

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6. What was net income in June?