Questions 4 and 5 refer to the following information: X Company, a manufacturer, prepares monthly financial statements. On August 1, total assets were $117,456. The following transactions occurred during August: Issued additional shares of stock for $110,000. Acquired $8,700 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 $7,300 per month. Rent for the first two months was paid in advance. Product sales were $104,000; product costs were 79% of sales. 76% of the sales were on open account. Wages and salaries amounted to $10,170, of which $9,179 was paid. Paid $3,619 to suppliers for materials that X Company had previously purchased on account. Collected $3,661 from customers who had previously purchased products from X Company on account. Bought equipment for $87,400 with a down payment of $17,600 and a $69,800 loan from the bank. 4. What would total assets be on August 31? [Ignore adjusting entries.] A: $147,793 OB: $214,300 C: $310,735 D: $450,566 OE: $653,320 OF: $947,314 Submit Answer Tries 0/99 5. What would Net Income be for August? [Ignore adjusting entries.] A: $7,157 OB: $8,088 OC: $9,139 D: $10,327 E: $11,670 OF: $13,187 Submit Answer Tries 0/99