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  3. x company, a merchandiser, started business on jun

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

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X Company, a merchandiser, started business on June 1 . The following were June transactions: 1. Received $96,000 from a group of investors. 2. Bought $8,540 of merchandise, $3,155 for cash and $5,385 on account. 3. Sold merchandise for $21,600, of which $17,234 was for cash and $4,366 was on account; Cost of Goods Sold was 56% of sales. 4. Paid $3,740 to suppliers for merchandise previously bought on account. 5. Paid wages of $5,640. 6. Collected $2,776 from customers on account. 7. Paid $5,500 for rent in advance. 4. What were total liabilities on June 30 ? Tries 0/99

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