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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: Received...

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Accounting

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

Received $85,000 from a group of investors.

Bought $8,554 of merchandise, $3,208 for cash and $5,346 on account.

Sold merchandise for $21,400, of which $16,728 was for cash and $4,672 was on account; Cost of Goods Sold was 54% of sales.

Paid $3,811 to suppliers for merchandise previously bought on account.

Paid wages of $5,520.

Collected $2,555 from customers on account.

Paid $5,200 for rent in advance.

4. What was the balance in the cash account on June 30?

A: $86,544 B: $108,180 C: $135,225 D: $169,031 E: $211,289 F: $264,111
Answer Submitted: Your final submission will be graded after the due date. Tries 1/99 Previous Tries

5. What were total assets on June 30?

A: $14,175 B: $20,554 C: $29,803 D: $43,215 E: $62,661 F: $90,859
Answer Submitted: Your final submission will be graded after the due date. Tries 1/99 Previous Tries

6. What was net income in June [ignore adusting entries]?

A: $1,838 B: $2,444 C: $3,251 D: $4,324 E: $5,751 F: $7,649
Tries 0/99

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