X Company, a manufacturer, prepares monthly financial statements. On January 1, total equities were $115,925. The following transactions occurred during January:

• Issued additional shares of stock for $105,000.
• Acquired $8,900 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 $7,900 per month. Rent for the first three months was paid in advance.
• Product sales were $105,000; product costs were 62% of sales. 61% of the sales were on open account.
• Wages and salaries amounted to $10,594, of which $9,617 was paid.
• Paid $3,635 to suppliers for materials that X Company had previously purchased on account.
• Collected $3,883 from customers who had previously purchased products from X Company on account.
• Bought equipment for $84,700 with a down payment of $14,700 and a $70,000 loan from the bank.

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

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

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