s 4 and 5 refer to the following information: X Company, a manufacturer, prepares monthly financial statements. On May 1, total assets were $114,777. The following transactions occurred during May: Issued additional shares of stock for $115,000. Acquired $8,200 of direct materials, 51% 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 $109,000; product costs were 74% of sales. 80% of the sales were on open account. Wages and salaries amounted to $11,976, of which $11,159 was paid. Paid $3,877 to suppliers for materials that X Company had previously purchased on account. Collected $3,807 from customers who had previously purchased products from X Company on account. Bought equipment for $73,500 with a down payment of $11,800 and a $61,700 loan from the bank. 4. What would total assets be on May 31? [Ignore adjusting entries.] A: $308,963 OB: $361,487 OC: $422,939 OD: $494,839 OE: $578,962 F: $677,385 Tries 0/99 5. What would Net Income be for May? [Ignore adjusting entries.] A: $5,230 OB: $6,956 OC: $9,251 D: $12,304 OE: $16,364 OF: $21,764 Tries 0/99