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X Company, a merchandiser, started business on June 1. The following were June transactions: Received $83,000 from a group of investors. Bought $8,212 of merchandise,
X Company, a merchandiser, started business on June 1. The following were June transactions:
Received $83,000 from a group of investors.
Bought $8,212 of merchandise, $3,540 for cash and $4,672 on account.
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.
Paid $3,931 to suppliers for merchandise previously bought on account.
Paid wages of $5,650.
Collected $2,995 from customers on account.
Paid $5,400 for rent in advance.
What were total equities on June 30?
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