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X Company, a manufacturer, prepares monthly financial statements. On January 1, total assets were $115,783. The following transactions occurred during January: Issued additional shares of
X Company, a manufacturer, prepares monthly financial statements. On January 1, total assets were $115,783. The following transactions occurred during January: Issued additional shares of stock for $102,000. Acquired $8,600 of direct materials, $4,816 of it bought on open account, the rest paid for with cash. A one year rental agreement was signed for $6,000 per month. Rent for the first three months was paid in advance. Product sales were $117,000, $23,761 of which were on account; the rest were cash sales. Product costs were $81,900. Paid wages and salaries of $11,535. Paid $23,884 to suppliers for materials that X Company had previously purchased on account. Collected $23,761 from customers who had previously purchased products from X Company on account. What would total assets be on January 31? [Ignore adjusting entries.]
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