Questions 4, 5, and 6 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 Cash Accounts Receivable nventory Prepaid Rent Equipment Total Assets Equities $54,811 Accounts Payable 30,577 Notes Payable 860,237 30,916 82,987 5,684 Paid-In Capital 209,463 Retained Earnings 223,417 68,952 $383,522 $383,522 Total Equities The following summary transactions occurred during July: 1. Sold stock to investors for $44,000. 2. Borrowed $28,000 from a bank and paid off a $10,000 bank loan 3. Bought $8,566 of merchandise from suppliers, paying $3,542 and promising to pay the rest in August. 4. Bought equipment for $40,000 from a manufacturer, paying $4,200 and promising to pay the rest in September. 5. Paid $3,847 to suppliers that it bought merchandise from in June. 6. Sold merchandise, receiving $16,349 cash and promises from customers to pay $4,751; the merchandise that was sold cost $10,550 and was purchased earlier in July. 7. Paid $529 for rent in advance 8. Received $3,464 from customers who purchased merchandise last month. 9. Paid wages and other miscellaneous expenses totaling $5,270. Note: Ignore adjusting entries. Spt. What was the cash balance on July 317 4. A $63,630 BO 74,447 CO $87,104 DO 101,911 EO $119,236 FO $139,506 Spts. What were total equities on July 317 5. AO $159,835 BOS199,794 CO$249,743 FOs487,779 O$390,223 DO s312,179 8pts. What was Net Income in July? 6. AO S1,224 BO s5,280 CO s6,600 FO $12,891 EO s10,312 DO s8,250