Company, a manufacturer, prepares monthly financial statements. On August 1, total equities were $112,982. The following transactions occurred during August: Issued additional shares of stock for $117,000. Acquired $8,100 of direct materials, 51% of of which was acquired on open accounts; the rest was paid in cash. A one year rental agreement was signed for $5,600 per month. Rent for the first three months was paid in advance. Product sales were $111,000; product costs were 75% of sales. 79% of the sales were on open account. Wages and salaries amounted to $10,350, of which $9,379 was paid. Paid $3,593 to suppliers for materials that X Company had previously purchased on account. Collected $3,565 from customers who had previously purchased products from X Company on account. Bought equipment for $88,100 with a down payment of $18,900 and a $69,200 loan from the bank. What would total equities be on August 31? [Ignore adjusting entries.] A: $318,091 B: $423,061 OC: $562,671 OD: $748,353 E: $995,309 OF: $1,323,761 Submit Answer Tries 0/99 What would Net Income be for August? [Ignore adjusting entries.] A: $17,400 B: $25,230 C: $36,584 D: $53,046 E: $76,917 OF: $111,529 Submit Answer Tries 0/99