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

Received $83,000 from a group of investors.

Bought $8,900 of merchandise, $3,665 for cash and $5,235 on account.

Sold merchandise for $22,000, of which $17,309 was for cash and $4,691 was on account; Cost of Goods Sold was 56% of sales.

Paid $3,051 to suppliers for merchandise previously bought on account.

Paid wages of $5,600.

Collected $2,958 from customers on account.

Paid $5,700 for rent in advance.

4. What were total liabilities on June 30?

A: $1,339

B: $1,514

C: $1,710

D: $1,933

E: $2,184

F: $2,468

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5. What were total assets on June 30?

A: $89,264

B: $100,868

C: $113,981

D: $128,799

E: $145,543

F: $164,463

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

A: $1,941

B: $2,814

C: $4,080

D: $5,916

E: $8,578

F: $12,438