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

1. Received $83,000 from a group of investors.

2. Bought $8,212 of merchandise, $3,540 for cash and $4,672 on account.

3. Sold merchandise for $20,100, of which $15,453 was for cash and $4,647 was on account; Cost of Goods Sold was 52% of sales.

4. Paid $3,931 to suppliers for merchandise previously bought on account.

5. Paid wages of $5,650.

6. Collected $2,995 from customers on account.

7.Paid $5,400 for rent in advance.

4. What were total liabilities on June 30?

A: $580

B: $656

C: $741

D: $837

E: $946

F: $1,069

Tries 0/99

5. What were total equities on June 30?

A: $65,969

B: $87,739

C: $116,693

D: $155,202

E: $206,418

F: $274,536

Tries 0/99

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

A: $3,998

B: $4,998

C: $6,247

D: $7,809

E: $9,761

F: $12,201