X Company, a manufacturer, prepares monthly financial statements. On May 1, total assets were $110,594. The following transactions occurred during May:

• Issued additional shares of stock for $105,000.
• Acquired $8,400 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 $5,600 per month. Rent for the first three months was paid in advance.
• Product sales were $109,000; product costs were 78% of sales. 71% of the sales were on open account.
• Wages and salaries amounted to $10,864, of which $10,063 was paid.
• Paid $3,498 to suppliers for materials that X Company had previously purchased on account.
• Collected $3,564 from customers who had previously purchased products from X Company on account.
• Bought equipment for $84,500 with a down payment of $19,800 and a $64,700 loan from the bank.

X Company, a manufacturer, prepares monthly nancial statements. On May 1, total assets were $110,594. The following transactions occurred during May: Issued additional shares of stock for $105,000. Acquired $8,400 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 $5,600 per month. Rent for the rst three months was paid in advance. Product sales were $109,000; product costs were 78% of sales. 71% of the sales were on open account. Wages and salaries amounted to $10,864, of which $10,063 was paid. Paid $3,498 to suppliers for materials that X Company had previously purchased on account. Collected $3,564 from customers who had previously purchased products from X Company on account. Bought equipment for $84,500 with a down payment of $19,800 and a $64,700 loan from the bank. 4. What would total assets be on May 31? [Ignore adjusting entries.] CA: $294,997 OB: $345,146 Oc: $403,821IOD: $472,471 OE: $552,791 OF: $646,766 E Tries 0/99 5. What would Net Income be for May? [Ignore adjusting entries.] OA: $4,192 OB: $5,575 Oc: $7,415 OD: $9,862 OE: $13,116 OF: $17,444 E' Tries 0/99