s 4 and 5 refer to the following information: X Company, a manufacturer, prepares monthly financial statements. On May 1, total assets were $113,964. The following transactions occurred during May: Issued additional shares of stock for $102,000. Acquired $9,000 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 $6,900 per month. Rent for the first two months was paid in advance. Product sales were $115,000; product costs were 76% of sales. 73% of the sales were on open account. Wages and salaries amounted to $10,946, of which $10,047 was paid. Paid $3,988 to suppliers for materials that X Company had previously purchased on account. Collected $3,237 from customers who had previously purchased products from X Company on account. Bought equipment for $83,200 with a down payment of $16,300 and a $66,900 loan from the bank. 4. What would total assets be on May 31? [Ignore adjusting entries.] A: $96,347 OB: $128,141||OC: $170,427 OD: $226,668 Tries 0/99 5. What would Net Income be for May? [Ignore adjusting entries.] E: $301,469 OF: $400,954 OA: $10,398 OB: $12,166 OC: $14,234 OD: $16,654 OE: $19,485 OF: $22,798 Tries 0/99