X Company started business on June 1 and prepares monthly financial statements. In June, the company received $47,000 from a group of investors, bought $8,982 of merchandise, $3,936 for cash and $5,046 on account, sold merchandise for $40,400, of which $35,977 were for cash and $4,423 were on account; the cost of the merchandise that was sold was $21,412, paid $3,737 to suppliers for merchandise previously bought on account, collected $2,632 from customers on account, and paid expenses totalling $8,865. 4. What were total assets on June 30? Submit Answer Tries 0/3 5. What was Net Income in June? Submit Answer Tries 0/3