X Company, a manufacturer, prepares monthly financial statements. On August 1, total assets were $114,882. The following transactions occurred during August: Issued additional shares of stock for $111,000. 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 $6,700 per month. Rent for the first two months was paid in advance. Product sales were $120,000; product costs were 68% of sales. 77% of the sales were on open account. Wages and salaries amounted to $11,870, of which $11,052 was paid. Paid $3,121 to suppliers for materials that X Company had previously purchased on account. Collected $3,612 from customers who had previously purchased products from X Company on account. Bought equipment for $75,500 with a down payment of $12,400 and a $63,100 loan from the bank. 4. What would total assets be on August 31? [Ignore adjusting entries.] OA: $101,500 B: $134,995 OC: $179,544 D: $238,793 Submit Answer Tries 0/99 5. What would Net Income be for August? [Ignore adjusting entries.] E: $317,595 OF: $422,401 A: $12,618 B: $18,297 C: $26,530 D: $38,468 E: $55,779| F: $80,880 Submit Answer Tries 0/99