X Company, a manufacturer, prepares monthly financial statements. On January 1, total equities were $114,142. The following transactions occurred during January Issued additional shares of stock for $112,000. Acquired $8,800 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 $6,300 per month. Rent for the first two months was paid in advance. Product sales were $107,000; product costs were 66% of sales. 79% of the sales were on open account. Wages and salaries amounted to $10,825, of which $9,838 was paid. Paid $3,987 to suppliers for materials that X Company had previously purchased on account. Collected $3,562 from customers who had previously purchased products from X Company on account. Bought equipment for $76,300 with a down payment of $11,200 and a $65,100 loan from the bank. 4. What would total equities be on January 31? [Ignore adjusting entries.] OA: $318,285 OB: $397,856 OC: $497,320 OD: $621,650 OE: $777,063 OF: $971,329 Submit Answer Tries 0/99 5. What would Net Income be for January? [Ignore adjusting entries.] OA: $17,711 OB: $20,013 OC: $22,615 OD: $25,555 OE: $28,877 OF: $32,631 Submit Answer Tries 0/99