X Company, a merchandising company, had the following transactions during 2020:

• Received $8,717 from new owners.
• Purchased $8,795 worth of merchandise on account from suppliers.
• Sold merchandise on account to customers for $11,463; the merchandise cost X Company $9,170.
• Paid $3,325 to suppliers for merchandise that X Company had previously purchased on account.
• Collected $3,125 from customers who had previously purchased merchandise on account.
• Bought equipment for $10,200 with a down payment of $5,405 and a $4,795 loan from the bank.
• Paid wages of $1,060.
• Recognized the expiration of $574 of prepaid rent.

8. If total equities at the beginning of 2020 were $10,390, what were total equities at the end of 2020?

A: $26,576

B: $30,031

C: $33,935

D: $38,346

E: $43,331

F: $48,964

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9. If total liabilities at the beginning of 2020 were $3,049, what were total liabilities at the end of 2020?

A: $5,659

B: $7,527

C: $10,011

D: $13,314

E: $17,708

F: $23,551

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10. What was Net Income in 2020?

A: $280

B: $372

C: $495

D: $659

E: $876

F: $1,165