X Company, a manufacturer, prepares monthly financial statements. On May 1, total assets were $110,332. The following transactions occurred during May: Issued additional shares of stock for $112,000. Acquired $8,700 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 $5,300 per month. Rent for the first three months was paid in advance. Product sales were $112,000; product costs were 68% of sales. 73% of the sales were on open account. Wages and salaries amounted to $11,508, of which $10,557 was paid. Paid $3,621 to suppliers for materials that X Company had previously purchased on account. Collected $3,138 from customers who had previously purchased products from X Company on account. Bought equipment for $79,900 with a down payment of $19,000 and a $60,900 loan from the bank. 4. What would total assets be on May 31? [Ignore adjusting entries.] A: $247,813 B: $309,766 C: $387,208 D: $484,009 Submit Answer Tries 0/99 5. What would Net Income be for May? [Ignore adjusting entries.] A: $13,206 Submit Answer E: $605,012 F: $756,265 B: $14,923 C: $16,863 D: $19,056 E: $21,533 F: $24,332 Tries 0/99