web> X Company is a merchandiser and prepares monthly financial statements. The following is its balance sheet at the beginning of July Balance Sheet July 1 Assets Cash Accounts Receivable Inventory Prepaid Rent Equipment Total Assets Equities $54,209 Accounts Payable 34,402 Notes Payable $63,896 30,384 77,104 245,281 64,756 $404,317 5,237 Paid-In Capital 233,365 Retained Earnings $404,317 Total Equities The following summary transactions occurred during July 1. Sold stock to investors for $45,000 2. Borrowed $24,000 from a bank and paid off a $15,000 bank loan 3. Bought $8,240 of merchandise from suppliers, paying $3,413 and promising to pay the rest in August. 4. Bought equipment for $39,100 from a manufacturer, paying $4,200 and promising to pay the rest in September. 5. Paid $3,126 to suppliers that it bought merchandise from in June 6, Sold merchandise, receiving $17,147 cash and promises from customers to pay $4,823; the merchandise that was sold cost $10,985 and was purchased earlier in July. 7. Paid $538 for rent in advance. 8. Received $3,029 from customers who purchased merchandise last month 9. Paid wages and other miscellaneous expenses totaling $5,860 Note: Ignore adjusting entries. 4. What was the cash balance on July 31? A: $98,450B: $111,248 C: $125,710D: $142,053E: $160,519OF: $181,387G: $204,967H: $231,613 Submit Answer Tries 0/3 S. What were total equities on July 31? A: $131,083B: $163,854 C: $204,818D: $256,022 E $320,028OF: $400,034 G: $500,043H: $625,054 Submit Answer Tries 0/3 6. What was Net Income in July? A: $5,125B: $5,996 C: $7,016 D: $8,208E: $9,604OF: $11,236G: $13,146H: $15,381 Submit Answer Tries 0/3