X Company, a merchandising company, had the following transactions during 2020: Received $8,877 from new owners. Purchased $8,521 worth of merchandise on account from suppliers. Sold merchandise on account to customers for $11,718; the merchandise cost X Company $8,203. Paid $3,834 to suppliers for merchandise that X Company had previously purchased on account. Collected $3,051 from customers who had previously purchased merchandise on account. Bought equipment for $9,792 with a down payment of $5,171 and a $4,621 loan from the bank. Paid wages of $1,158. Recognized the expiration of $538 of prepaid rent. 8. If total assets at the beginning of 2020 were $13,651, what were total assets at the end of 2020? 9. If total liabilities at the beginning of 2020 were $3,279, what were total liabilities at the end of 2020? 7900 Submit Answer Incorrect. Tries 1/3 Previous Tries 10. What was Net Income in 2020? Submit Answer Tries 0/3