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

received $45,000 from a group of investors

bought $8,413 of merchandise, $3,920 for cash and $4,493 on account

sales were $42,400, of which $38,115 were for cash and $4,285 were on account; Cost of Goods Sold was $23,744

paid $3,785 to suppliers for merchandise previously bought on account

collected $2,571 from customers on account

paid expenses totalling $8,222

4. What were total assets on June 30? 5. What was Net Income in June?