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X Company, a manufacturer, prepares monthly financial statements. On August 1, total equities were $112,329. The following transactions occurred during August: Issued additional shares of stock for $107,000. 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 $7,700 per month. Rent for the first two months was paid in advance. Product sales were $104,000, $23,092 of which were cash sales; the rest were on account. Product costs were $71,760. Paid wages and salaries of $11,182. Paid $23,092 to suppliers for materials that X Company had previously purchased on account. Collected $23,526 from customers who had previously purchased products from X Company on account. What would total equities be on August 31? [Ignore adjusting entries.] D: $319,998 E: $361,598 OF: $408,606 OA: $221,775|OB: $250,606 Oc: $283,184 Submit Answer Tries 0/99