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X Company, a merchandiser, started business on June 1. The following were June transactions: Received $98,000 from a group of investors. Bought $8,141 of merchandise,
X Company, a merchandiser, started business on June 1. The following were June transactions:
Received $98,000 from a group of investors.
Bought $8,141 of merchandise, $3,199 for cash and $4,942 on account.
Sold merchandise for $21,300, of which $16,568 was for cash and $4,732 was on account; Cost of Goods Sold was 55% of sales.
Paid $3,652 to suppliers for merchandise previously bought on account.
Paid wages of $5,630.
Collected $2,569 from customers on account.
Paid $5,600 for rent in advance.
What were total equities on June 30?
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