X Company, a manufacturer, prepares monthly financial statements. On August 1, total equities were $112,045. The following transactions occurred during August:

• Issued additional shares of stock for $112,000.
• Acquired $8,200 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 $102,000; product costs were 74% of sales. 74% of the sales were on open account.
• Wages and salaries amounted to $11,684, of which $10,730 was paid.
• Paid $3,470 to suppliers for materials that X Company had previously purchased on account.
• Collected $3,666 from customers who had previously purchased products from X Company on account.
• Bought equipment for $81,100 with a down payment of $13,000 and a $68,100 loan from the bank.

What would total equities be on August 31?[Ignore adjusting entries.]

A: $101,137 B: $126,422 C: $158,027 D: $197,534 E: $246,918 F: $308,647

What would Net Income be for August?[Ignore adjusting entries.]

A: $8,387 B: $11,155 C: $14,836 D: $19,732 E: $26,243 F: $34,904