X Company, a merchandiser, started business on June 1. The following were June transactions: Received...
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X Company, a merchandiser, started business on June 1. The following were June transactions:
Received $83,000 from a group of investors.
Bought $8,107 of merchandise, $3,096 for cash and $5,011 on account.
Sold merchandise for $22,400, of which $18,271 was for cash and $4,129 was on account; Cost of Goods Sold was 57% of sales.
Paid $3,228 to suppliers for merchandise previously bought on account.
Paid wages of $5,330.
Collected $2,682 from customers on account.
Paid $5,400 for rent in advance.
4. What were total liabilities on June 30?
| A: $1,113 | B: $1,303 | C: $1,524 | D: $1,783 | E: $2,086 | F: $2,441 |
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