web> X Company is a merchandiser and prepares monthly financial statements. The following is its balance sheet at the beginning of July: Balance Sheet uly 1 Assets Cash Accounts Receivable Inventory Prepaid Rent Equipment Total Assets Equities $52,199 Accounts Payable $64,663 31,866 30,108 Notes Payable 5,109 Paid-In Capital $398,463 Total Equities 83,151 234,749 67,185 $398,463 227,896 Retained Earnings The following summary transactions occurred during July: 1. Sold stock to investors for $43,000 2. Borrowed $30,000 from a bank and paid off a $10,000 bank loan 3. Bought $9,000 of merchandise from suppliers, paying $3,888 and promising to pay the rest in August. 4. Bought equipment for $38,500 from a manufacturer, paying $4,600 and promising to pay the rest in September 5. Paid $3,570 to suppliers that it bought merchandise from in June 6. Sold merchandise, receiving $16,722 cash and promises from customers to pay $4,188; the merchandise that was sold cost $10,455 and was purchased earlier in July 7. Paid $530 for rent in advance 8. Received $2,336 from customers who purchased merchandise last month 9. Paid wages and other miscellaneous expenses totaling $5,500 Note: Ignore adjusting entries. 4. What was the cash balance on July 31? A: $72,533| B: $84,863| Tries 0/3 C: $99,290 D: $116,169| E: $135,918| F: $159,024| G:186,058| H: $217,688 5. What were total equities on July 31? A: $205,562| B: $256,952| C: $321,190| D: $401,488| E:501,860| F: $627,325|| G: $784,156/ H:980, 195 Tries 0/3