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

Received $96,000 from a group of investors.

Bought $8,283 of merchandise, $3,986 for cash and $4,297 on account.

Sold merchandise for $20,900, of which $16,616 was for cash and $4,284 was on account; Cost of Goods Sold was 55% of sales.

Paid $3,541 to suppliers for merchandise previously bought on account.

Paid wages of $5,800.

Collected $2,541 from customers on account.

Paid $5,700 for rent in advance.

4. What was the balance in the cash account on June 30?

A: $52,176

B: $58,958

C: $66,623

D: $75,284

E: $85,071

F: $96,130

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5. What were total equities on June 30?

A: $75,459

B: $100,361

C: $133,480

D: $177,529

E: $236,113

F: $314,030

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

A: $3,605

B: $4,074

C: $4,603

D: $5,202

E: $5,878

F: $6,642