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 InventonyY Prepad Rent Equipment Total Assets Equities $62,877 32,116 $54,409 Accounts Payable 33,320 Notes Payable 5,020 Paid-In Capital $417,229 Total Equities 75,358 258,235 64,001 $417,229 249,122 Retained Earnings The following summary transactions occurred during July: 1. Sold stock to investors for $45,000 2. Borrowed $29,000 from a bank and paid off a $10,000 bank loan 3. Bought $8,373 of merchandise from suppliers, paying $3,488 and promising to pay the rest in August. 4. Bought equipment for $40,700 from a manufacturer, paying $4,900 and promising to pay the rest in September 5. Paid $3,523 to suppliers that it bought merchandise from in June 6. Sold merchandise, receiving $16,178 cash and promises from customers to pay $4,812; the merchandise that was sold cost $10,495 and was purchased earlier in July 7. Paid $573 for rent in advance 8. Received $2,940 from customers who purchased merchandise last month. 9. Paid wages and other miscellaneous expenses totaling $5,790 Note: Ignore adjusting entries. 4. What was the cash balance on July 31? A: 589,664| B: $119,253| Submit Arswer Tries 0/3 C:158,606| D: s210,947| E: $280,559| F: $373, 143 | G: $496,281| H: $660,054 . What were total equities on July 31? A: $71,059| Submit As B: $94,509| C:125,697| D: $167,176| E: $222,345| F:295,718| G: $393,305 | H: $523,096 Tries 0/3 6. What was Net Income in July? A: $2,511B $2,938 C: $3,437D: $4,021E: $4,705 F: $5,505G: $6,441 H: $7,536 Sutmit A Tries 0/3