5. What were total equities on January 31?

X Company is a merchandiser and prepares monthly financial statements. The following is its balance sheet at the beginning of January Balance Sheet January1 Assets Cash Accounts Receivable Inventory Prepaid Rent Equipment Total Assets Equities $57,399 1,468 34,343 265,039 64,870 $423,119 $52,829 Accounts Payable 31,584 Wages Payable 84,420 Notes Payable 6,214 Paid-In Capital 248,072 Retained Earnings $423,119 Total Equities The following summary transactions occurred during January 1. Sold stock to investors for $48,000 2. Borrowed $24,000 from a bank. 3. Bought merchandise from suppliers, paying $3,435 and promising to pay $5,368 next month. 4. Bought equipment from a manufacturer, paying $38,600 and promising to pay $4,200 in three months. 5. Paid $4,103 to merchandise suppliers that it had promised to pay 6. Sold merchandise, receiving $18,005 cash and promises to pay of $4,395; the merchandise that was sold previously cost $11,200 7. Paid a total of $532 for rent and insurance in advance 8. Received $3,042 from customers who had promised to pay 9. Paid $5,830 for wages, utilties, and other miscellaneous expenses