X Company, a manufacturer, prepares monthly financial statements. On January 1, total equities were $112,470. The following transactions occurred during January Issued additional shares of stock for $116,000. Acquired $8,200 of direct materials, 56% of of which was acquired on open accounts; the rest was paid in cash. A one year rental agreement was signed for $6,100 per month. Rent for the first two months was paid in advance. Product sales were $112,000; product costs were 67% of sales. 67% of the sales were on open account. Wages and salaries amounted to $10,157, of which $9,183 was paid. Paid $3,393 to suppliers for materials that X Company had previously purchased on account. Collected $3,862 from customers who had previously purchased products from X Company on account. Bought equipment for $80,300 with a down payment of $17,700 and a $62,600 loan from the bank. 4. What would total equities be on January 317 [Ignore adjusting entries.] OA: $320,046 OB: $361,652 OC: $408,667 OD: $461,793 OE: $521,827 OF: $589,664 Tries 0/99 5. What would Net Income be for January? [Ignore adjusting entries.) OA: $6,063 2 B: $8,792 OC: $12,748 OD: $18,485 OE: $26,803 OF: $38,864 Tries 0/99