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

Received $93,000 from a group of investors.

Bought $8,078 of merchandise, $3,983 for cash and $4,095 on account.

Sold merchandise for $22,200, of which $18,165 was for cash and $4,035 was on account;

Cost of Goods Sold was 56% of sales.

Paid $3,381 to suppliers for merchandise previously bought on account.

Paid wages of $5,070.

Collected $2,832 from customers on account.

Paid $5,100 for rent in advance.

4. What were total liabilities on June 30?

A: $632 B: $714 C: $807 D: $912 E: $1,030 F: $1,164

5. What were total equities on June 30?

A: $98,412 B: $123,015 C: $153,769 D: $192,211 E: $240,264 F: $300,330

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

A: $2,881 B: $3,256 C: $3,679 D: $4,158 E: $4,698 F: $5,309