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

Received $83,000 from a group of investors.

Bought $8,107 of merchandise, $3,096 for cash and $5,011 on account.

Sold merchandise for $22,400, of which $18,271 was for cash and $4,129 was on account; Cost of Goods Sold was 57% of sales.

Paid $3,228 to suppliers for merchandise previously bought on account.

Paid wages of $5,330.

Collected $2,682 from customers on account.

Paid $5,400 for rent in advance.

4. What were total liabilities on June 30?

A: $1,113

B: $1,303

C: $1,524

D: $1,783

E: $2,086

F: $2,441

5. What were total equities on June 30?

A: $45,612

B: $57,014

C: $71,268

D: $89,085

E: $111,356

F: $139,195

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

A: $1,762

B: $2,203

C: $2,753

D: $3,442

E: $4,302

F: $5,378