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

• Received $8,607 from new owners.
• Purchased $8,439 worth of merchandise on account from suppliers.
• Sold merchandise on account to customers for $11,518; the merchandise cost X Company $9,214.
• Paid $3,510 to suppliers for merchandise that X Company had previously purchased on account.
• Collected $3,467 from customers who had previously purchased merchandise on account.
• Bought equipment for $9,483 with a down payment of $5,152 and a $4,331 loan from the bank.
• Paid wages of $1,147.
• Recognized the expiration of $567 of prepaid rent.

8. If total equities at the beginning of 2020 were $14,366, what were total equities at the end of 2020?

A: $17,815

B: $20,131

C: $22,748

D: $25,705

E: $29,047

F: $32,823

9. If total liabilities at the beginning of 2020 were $3,484, what were total liabilities at the end of 2020?

A: $8,832

B: $9,980

C: $11,278

D: $12,744

E: $14,401

F: $16,273

10. What was Net Income in 2020?

A: $590

B: $666

C: $753

D: $851

E: $961

F: $1,086

X Company, a merchandising company, had the following transactions during 2020: . . Received $8,607 from new owners. Purchased $8,439 worth of merchandise on account from suppliers. Sold merchandise on account to customers for $11,518; the merchandise cost X Company $9,214. Paid $3,510 to suppliers for merchandise that X Company had previously purchased on account. Collected $3,467 from customers who had previously purchased merchandise on account. Bought equipment for $9,483 with a down payment of $5,152 and a $4,331 loan from the bank. Paid wages of $1,147. Recognized the expiration of $567 of prepaid rent. . . 8. If total equities at the beginning of 2020 were $14,366, what were total equities at the end of 2020? O A: $17,815|OB: $20,131 Oc: $22,748 OD: $25,705 OE: $29,047| OF: $32,823 Submit Answer Tries 0/99 9. If total liabilities at the beginning of 2020 were $3,484, what were total liabilities at the end of 2020? OA: $8,832 B: $9,980OC: $11,278 OD: $12,744 OE: $14,401 OF: $16,273 Submit Answer Tries 0/99 10. What was Net Income in 2020? OA: $590|OB: $666| OC: $753| OD: $851 E: $961 F: $1,086 Submit Answer Tries 0/99