X Company, a manufacturer, prepares monthly financial statements. On January 1, total equities were $110,386. The following transactions occurred during January:

• Issued additional shares of stock for $118,000.
• Acquired $8,700 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 $5,700 per month. Rent for the first three months was paid in advance.
• Product sales were $108,000; product costs were 60% of sales. 78% of the sales were on open account.
• Wages and salaries amounted to $11,880, of which $10,938 was paid.
• Paid $3,596 to suppliers for materials that X Company had previously purchased on account.
• Collected $3,442 from customers who had previously purchased products from X Company on account.
• Bought equipment for $80,000 with a down payment of $18,900 and a $61,100 loan from the bank.

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

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