Questions 4 and 5 refer to the following information: X Company, a manufacturer, prepares monthly nancial statements. On August 1, total assets were $110,355. The following transactions occurred during August: Issued additional shares of stock for $105,000. Acquired $8,900 of direct materials, 56% of of which was acquired on open accounts; the rest was paid in cash. A one year rental agreement was signed for $6,100 per month. Rent for the first three months was paid in advance. Product sales were $108,000; product costs were 75% of sales. 74% of the sales were on open account. Wages and salaries amounted to $10,256, of which $9,416 was paid. Paid $3,131 to suppliers for materials that X Company had previously purchased on account. Collected $3,117 from customers who had previously purchased products from X Company on account. Bought equipment for $77,900 with a down payment of $13,000 and a $64,900 loan from the bank. 4. What would total assets be on August 31? [Ignore adjusting entries.] OA: $98,203 OB: $122,754 0c: $153,442 OD: $191,803 OE: $239,754 OF: $299,692 Eigi Tries 0l99 5. What would Net Income be for August? [Ignore adjusting entries.] OA: $14,311 OB: $16,744 OC: $19,590 OD: $22,921 OE: $26,817 OF: $31,376