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MBA, Ph.D in Management
Harvard university
Feb-1997 - Aug-2003
Professor
Strayer University
Jan-2007 - Present
X Company, a merchandiser, started business on June 1. The following were June transactions: Received $93,000 from a group of investors. Bought $8,986 of merchandise, $3,410 for cash and $5,576 on account. Sold merchandise for $20,200, of which $15,307 was for cash and $4,893 was on account; Cost of Goods Sold was 55% of sales.
. Paid $3,671 to suppliers for merchandise previously bought on account. . Paid wages of $5,800. . Collected $2,933 from customers on account. . Paid $5,200 for rent in advance. 4. What was the balance in the cash account on June 30?
Submit Answer Tries 0/3 5. What were total assets on June 30?
Submit Answer Tries 0/3 6. What was net income in June?
Submit Answer Tries 0/3
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