I need help with 5 & 6 please X Company was created on September 1 and prepares

5) Total equity=100000+3453=103453 6) Net income=20820-10410-5300-1550-107=3453

ID: 2483948 • Letter: I

Question

I need help with 5 & 6 please

X Company was created on September 1 and prepares monthly financial statements. During September, the company had the following transactions:

Received $100,000 from a group of investors and received a $87,000 loan from the bank.

Bought $8,379 of merchandise, $3,389 for cash and $4,990 on account.

Bought equipment costing $10,300, paying the manufacturer $5,600 in cash and promising to pay the remaining $4,700 next month.

Sold merchandise for $20,820, of which $16,648 was for cash and $4,172 was on account; cost of the merchandise was $10,410.

Paid $3,423 to suppliers for merchandise previously bought on account.

Collected $2,505 from customers on account.

Paid wages of $5,300.

Paid a total of $524 for rent and insurance in advance.

Recorded depreciation of $1,550.

Recorded a total of $107 for rent and insurance that had expired.

5. What were total equities on September 30?

I got 103353 and it is incorrect

6. What was Net Income in September?

I got 3353 and it is incorrect

5) Total equity=100000+3453=103453

6) Net income=20820-10410-5300-1550-107=3453

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