Questions 4, 5, and 6 refer to the following information X Company is a merchandiser and prepares monthly financial statements. The following is its balance sheet at the beginning of January: Balance Sheet January 1 Equities Assets Cash $51,122 1,307 30,602 238,905 62,926 8384,862 $52,425 Accounts Payable 34,755 Wages Payable Notes Payable Inventory Prepaid Rent Equipment Total Assets 84,903 5,831 Paid-In Capital 206,948 Retained Earnings $384,862 Total Equities The following summary transactions occurred during January: 1. Sold stock to investors for $41,000. 2. Borrowed $27,000 from a bank. 3. Bought merchandise from suppliers, paying $3,078 and promising to pay $5,046 next month 4. Bought equipment from a manufacturer, paying $30,800 and promising to pay $4,300 in three months. 5. Paid $4,003 to merchandise suppliers that it had promised to pay. 6. Sold merchandise, receiving $15.845 cash and promises to pay of $4,175; the merchandise that was sold previously cos $10,010. 7. Paid a total of $570 for rent and insurance in advance. 8. Received $2,239 from customers who had promised to pay. 9. Paid 85,890 for wages, utilties, and other miscellaneous expenses. Note: Ignore adjusting entries. 8 pt 4. What was the cash balance on January 31? 4. AO $94.168 BO $136,344 CO $197,988 DO $287.083 EO $416270 FO $603,52 8 pts. What were total equities on January 31? 5. A$283,553 BOs320,4 14 008362.068 DOS409, 137 EO$462.325 FOss22.427 8 pt 6. What was net income in January? 6. AO $2,855 BO $3,227 CO $1.646 DO $4,120 EO $4,656 FO $5,261