Question
X Company, a merchandiser, started business on June 1. The following were June transactions: Received $93,000 from a group of investors. Bought $8,619 of merchandise,
X Company, a merchandiser, started business on June 1. The following were June transactions:
Received $93,000 from a group of investors.
Bought $8,619 of merchandise, $3,003 for cash and $5,616 on account.
Sold merchandise for $20,600, of which $16,120 was for cash and $4,480 was on account; Cost of Goods Sold was 51% of sales.
Paid $3,040 to suppliers for merchandise previously bought on account.
Paid wages of $5,130.
Collected $2,685 from customers on account.
Paid $5,300 for rent in advance.
4. What was the balance in the cash account on June 30?
A: $66,070 | B: $74,659 | C: $84,365 | D: $95,332 | E: $107,725 | F: $121,729 |
Tries 0/99 |
5. What were total equities on June 30?
A: $88,973 | B: $100,540 | C: $113,610 | D: $128,380 | E: $145,069 | F: $163,928 |
Tries 0/99 |
6. What was net income in June [ignore adusting entries]?
A: $4,243 | B: $4,964 | C: $5,808 | D: $6,795 | E: $7,950 | F: $9,302 |
Please help! Thank you so much!
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