X Company, a merchandiser, started business on June 1. The following were June transactions:

Received $94,000 from a group of investors.

Bought $8,450 of merchandise, $3,482 for cash and $4,968 on account.

Sold merchandise for $21,600, of which $17,315 was for cash and $4,285 was on account; Cost of Goods Sold was 56% of sales.

Paid $3,481 to suppliers for merchandise previously bought on account.

Paid wages of $5,090.

Collected $2,867 from customers on account.

Paid $5,400 for rent in advance.

 What were total liabilities on June 30?

A: $1,487

B: $1,978

C: $2,630

D: $3,498

E: $4,653

F: $6,188

Tries 0/99

What were the total equities on June 30?

A: $53,312

B: $62,375

C: $72,979

D: $85,385

E: $99,901

F: $116,884

Tries 0/99

What was net income in June [ignore adjusting entries]?

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