s 4 and 5 refer to the following information: X Company, a manufacturer, prepares monthly financial statements. On January 1, total assets were $117,425. The following transactions occurred during January: Issued additional shares of stock for $112,000. Acquired $8,500 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 $7,000 per month. Rent for the first three months was paid in advance. Product sales were $112,000; product costs were 65% of sales. 61% of the sales were on open account. Wages and salaries amounted to $10,752, of which $9,899 was paid. Paid $3,100 to suppliers for materials that X Company had previously purchased on account. Collected $3,398 from customers who had previously purchased products from X Company on account. Bought equipment for $72,100 with a down payment of $10,800 and a $61,300 loan from the bank. 4. What would total assets be on January 31? [Ignore adjusting entries.] Submit Answer Tries 0/3 5. What would Net Income be for January? [Ignore adjusting entries.] Submit Answer Tries 0/3