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

1. Received $87,000 from a group of investors.

2. Bought $8,642 of merchandise, $3,943 for cash and $4,699 on account.

3. Sold merchandise for $21,100, of which $16,400 was for cash and $4,700 was on account; Cost of Goods Sold was 55% of sales.

4. Paid $3,269 to suppliers for merchandise previously bought on account.

5. Paid wages of $5,640.

6. Collected $2,724 from customers on account.

7. Paid $5,000 for rent in advance.

4. What were total liabilities on June 30?

A: $323

B: $469

C: $680

D: $986

E: $1,430

F: $2,074

5. What were total equities on June 30?

A: $37,800

B: $47,250

C: $59,062

D: $73,828

E: $92,285

F: $115,356

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

A: $1,639

B: $2,179

C: $2,898

D: $3,855

E: $5,127

F: $6,819