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

Received $85,000 from a group of investors.

Bought $8,554 of merchandise, $3,208 for cash and $5,346 on account.

Sold merchandise for $21,400, of which $16,728 was for cash and $4,672 was on account; Cost of Goods Sold was 54% of sales.

Paid $3,811 to suppliers for merchandise previously bought on account.

Paid wages of $5,520.

Collected $2,555 from customers on account.

Paid $5,200 for rent in advance.

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

A: $86,544

B: $108,180

C: $135,225

D: $169,031

E: $211,289

F: $264,111

Answer Submitted: Your final submission will be graded after the due date.

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5. What were total assets on June 30?

A: $14,175

B: $20,554

C: $29,803

D: $43,215

E: $62,661

F: $90,859

Answer Submitted: Your final submission will be graded after the due date.

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6. What was net income in June [ignore adusting entries]?

A: $1,838

B: $2,444

C: $3,251

D: $4,324

E: $5,751

F: $7,649

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