What would Total Equities and Net income be?

X Company, a manufacturer, prepares monthly financial statements. On August 1, total equities were $115,441. The following transactions occurred during August: Issued additional shares of stock for $115,000. Acquired $8,600 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 $100,000; product costs were 78% of sales. 80% of the sales were on open account. Wages and salaries amounted to $10,837, of which $9,884 was paid. Paid $3,956 to suppliers for materials that X Company had previously purchased on account. Collected $3,270 from customers who had previously purchased products from X Company on account. Bought equipment for $84,100 with a down payment of $16,300 and a $67,800 loan from the bank. 4. What would total equities be on August 31? [Ignore adjusting entries.] Submit Answer Tries 0/3 5. What would Net Income be for August? (Ignore adjusting entries.] Submit Answer Tries 0/3