s 4 and 5 refer to the following information: Company, a manufacturer, prepares monthly financial statements. On May 1, total assets were $118,159. The following ransactions occurred during May: . Issued additional shares of stock for $101,000. Acquired $8,800 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 $6,000 per month. Rent for the first three months was paid in advance. Product sales were $121,000; product costs were 73% of sales. 74% of the sales were on open account. Wages and salaries amounted to $11,469, of which $10,558 was paid. Paid $3,656 to suppliers for materials that X Company had previously purchased on account. .Collected $3,288 from customers who had previously purchased products from X Company on account. Bought equipment for $88,300 with a down payment of $19,600 and a $68,700 loan from the bank. 4. What would total assets be on May 31? [Ignore adjusting entries.] A: $214,650 B: $311,243 C: $451,302 D: $654,388 E: $948,863 F: $1,375,852 Submit Answer Tries 0/99 5. What would Net Income be for May? [Ignore adjusting entries.] A: $8,684 B: $10,855 C: $13,569 D: $16,961 E: $21,201 F: $26,501 Submit Answer Tries 0/99