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

Received $96,000 from a group of investors.

Bought $8,743 of merchandise, $3,728 for cash and $5,015 on account.

Sold merchandise for $21,600, of which $16,877 was for cash and $4,723 was on account; Cost of Goods Sold was 53% of sales.

Paid $3,016 to suppliers for merchandise previously bought on account.

Paid wages of $5,930.

Collected $2,780 from customers on account.

Paid $5,500 for rent in advance.

4. What were total liabilities on June 30?