X Company started business on June 1 and prepares monthly financial statements. The following were June transactions:

1. received $40,000 from a group of investors
2. bought $8,169 of merchandise, $3,424 for cash and $4,745 on account
3. sales were $42,500, of which $38,038 were for cash and $4,462 were on account; Cost of Goods Sold was $22,100
4. paid $3,853 to suppliers for merchandise previously bought on account
5. collected $2,648 from customers on account
6. paid expenses totalling $8,045

4. What were total assets on June 30?

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5. What was Net Income in June?

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