Questions 1, 2, and 3 refer to the following balance sheet and transactions: web> X Company is a merchandiser and prepares monthly financial statements. The following is its balance sheet at the beginning of July:

Balance Sheet

July 1

Assets		Equities
Cash	$50,963	Accounts Payable	$66,231
Accounts Receivable	30,327	Notes Payable	34,123
Inventory	77,136
Prepaid Rent	5,962	Paid-In Capital	226,712
Equipment	232,476	Retained Earnings	69,798
Total Assets	$396,864	Total Equities	$396,864

The following summary transactions occurred during July:

1. Sold stock to investors for $44,000.
2. Borrowed $21,000 from a bank and paid off a $13,000 bank loan.
3. Bought $8,921 of merchandise from suppliers, paying $3,163 and promising to pay the rest in August.
4. Bought equipment for $35,300 from a manufacturer, paying $4,700 and promising to pay the rest in September.
5. Paid $4,154 to suppliers that it bought merchandise from in June.
6. Sold merchandise, receiving $17,158 cash and promises from customers to pay $4,202; the merchandise that was sold cost $10,680 and was purchased earlier in July.
7. Paid $502 for rent in advance.
8. Received $2,724 from customers who purchased merchandise last month.
9. Paid wages and other miscellaneous expenses totaling $5,080.

Note: Ignore adjusting entries. 4. What was the cash balance on July 31?

1. What was the cash balance on July 31?

2. What were total equities on July 31?

3. What was Net Income in July?