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

• Received $8,555 from new owners.
• Purchased $8,425 worth of merchandise on account from suppliers.
• Sold merchandise on account to customers for $10,215; the merchandise cost X Company $8,172.
• Paid $3,634 to suppliers for merchandise that X Company had previously purchased on account.
• Collected $3,980 from customers who had previously purchased merchandise on account.
• Bought equipment for $10,396 with a down payment of $5,907 and a $4,489 loan from the bank.
• Paid wages of $1,171.
• Recognized the expiration of $547 of prepaid rent.

8. If total equities at the beginning of 2020 were $14,677, what were total equities at the end of 2020?

9. If total liabilities at the beginning of 2020 were $3,929, what were total liabilities at the end of 2020?

10. What was Net Income in 2020?