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

• Received $8,069 from new owners.
• Purchased $8,191 worth of merchandise on account from suppliers.
• Sold merchandise on account to customers for $10,068; the merchandise cost X Company $7,048.
• Paid $4,000 to suppliers for merchandise that X Company had previously purchased on account.
• Collected $3,574 from customers who had previously purchased merchandise on account.
• Bought equipment for $9,980 with a down payment of $5,908 and a $4,072 loan from the bank.
• Paid wages of $1,068.
• Recognized the expiration of $588 of prepaid rent.

8. If total equities at the beginning of 2020 were $14,810, what were total equities at the end of 2020?

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9. If total liabilities at the beginning of 2020 were $3,705, what were total liabilities at the end of 2020?

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10. What was Net Income in 2020?