X Company, a manufacturer, prepares monthly financial statements. On May 1, total assets were $116,167. The following transactions occurred during May: Issued additional shares of stock for $113,000. Acquired $8,500 of direct materials, $3,740 of it paid for with cash, the rest bought on open account . A one year rental agreement was signed for $5,100 per month. Rent for the first two months was paid in advance. Product sales were $124,000, $23,570 of which were on account; the rest were cash sales. Product costs were $78,120. Paid wages and salaries of $11,463. Paid $23,079 to suppliers for materials that X Company had previously purchased on account. Collected $23,570 from customers who had previously purchased products from X Company on account. What would total assets be on May 31? [ignore adjusting entries. ] A: $38,264 B: $55,483 C: $80,451 D: $116,654 E: $169,148 F: $245,265 Submit Answer Tries 0/99