What would total equities be on August 31?

X Company, a manufacturer, prepares monthly financial statements. On August 1, total equities were $112,488. The following transactions occurred during August: Issued additional shares of stock for $114,000. Acquired $8,000 of direct materials, $3,520 of it paid for with cash, the rest bought on open account. 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 $115,000, $23,316 of which were on account; the rest were cash sales. Product costs were $85,100. Paid wages and salaries of $11,609. Paid $23,489 to suppliers for materials that X Company had previously purchased on account. Collected $23,316 from customers who had previously purchased products from X Company on account. What would total equities be on August 31? [Ignore adjusting entries.] C: $300,274 D: $399,365 E: $531,155 F: $706,436 A: $169,752B: $225,770 Submit Answer Tries 0/99