Course Contents > EXAM 3 > Questions 4, Timer Notes Evaluate Feedback Print X Company, a merchandiser, started business on June 1. The following were June transactions: 1. Received $93,000 from a group of investors. 2. Bought $8,993 of merchandise, $3,170 for cash and $5,823 on account. 3. Sold merchandise for $21,100, of which $16,112 was for cash and $4,988 was on account; Cost of Goods Sold was 56% of sales. 4. Paid $3,448 to suppliers for merchandise previously bought on account. 5. Paid wages of $5,790. 6. Collected $2,573 from customers on account. 7. Paid $5,000 for rent in advance. 4. What was the balance in the cash account on June 30? OA: $75,422 OB: $94,277 OC: $117,846 OD: $147,308 OE: $184,135 OF: $230,168 Submit Answer Tries 0/99 5. What were total equities on June 30? OA: $42,025 OB: $55,893 OC: $74,338 OD: $98,869 OE: $131,496 OF: $174,889 Submit Answer Tries 0/99 6. What was net income in June [ignore adusting entries]? OA: $1,789 OB: $2,236 OC: $2,795 OD: $3,494 OE: $4,368 OF: $5,459 Submit Answer Tries 0/99 Communication Blocked Send Feedback