X Company, a merchandiser, started business on June 1. The following were June transactions: 1. Received $85,000 from a group of investors. 2. Bought $8, 911 of merchandise, $3, 662 for cash and $5, 249 on account. 3. sold merchandise for $21, 300, of which $16, 427 was for cash and $4, 873 was on account: Cost of Goods sold was 57% of sales. 4. Paid $3, 206 to suppliers for merchandise previously bought on account. 5. Paid wages of $5, 470. 6. Collected $2, 877 from customers on account. 7. Paid $5, 400 for rent in advance. What was the balance in the cash account on June 30? $19, 583 $28, 395 $41, 173 $59, 701 $86, 566 $125, 521 What were total assets on June 30? $37, 164 $46, 455 $58, 068 $72, 586 $90, 732 $13, 415 What was net income in June? $2, 544 $3, 689 $5, 349 $7, 756 $11, 246 $16, 307