Questions 4, 5, and 6 refer to the following balance sheet and transactions:web> X Company is a merchandiser aid prepares monthly financial statements. The following is its balance sheet at the beginning of July: Balance Sheet July 1 Assets Cash Accounts Receivable Inventory Prepaid Rent Equipment Total Assets Equities $56,338 32,331 $50,891 Accounts Payable 31,064 Notes Payable 76,033 233,344 69,199 8391,21 5,662 Paid-In Capital 227,562 Retained Earnings $391,212 Total Equities The following summary transactions occurred during July 1. Sold stock to investors for $43,000. 2. Borrowed $29,000 from a bank and paid off a $13,000 bank loan 3. Bought $8,885 of merchandise from suppliers, paying $3,452 and promising to pay the rest in August 4. Bought equipment for $42,300 from a manufacturer, paying $4,000 and promising to pay the rest in September. 5. Paid $3,896 to suppliers that it bought merchandise from in June. 6. Sold merchandise, receiving $17,635 cash and promises from customers to pay $4,525; the merchandise that was sold cost $11,080 and was purchased earlier in Jaly 7. Paid $521 for rent in advance 8. Received $2,867 from customers who purchased merchandise last month. 9. Paid wages and other miscellaneous expenses totaling $5,270. Note: Ignore adjusting entries 50891 +43066 29000-34S2-uooo .. 3840 t l7435-521 + 2867-5270-IBOO 8 pt 4. What was the cash balance on July 317 4. AO 85,153 B $113,254 CO $150,628 DO $200,335 EO $266,446 FO $354,373 8 pt. What were total equities on July 31? 5. AO $162,483 BO $203,104 CO $253,ss0 DO $317,330 EO $396,687 FO $495,859 8 pt s. What was Net Income in July? 6. AO $1,648 BO 5,810 CO 7,262 DO $9,078 EO $11,348 FO $14,185