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X Company, a manufacturer, prepares monthly financial statements. On May 1, total assets were $119,032. The following transactions occurred during May: Issued additional shares of

X Company, a manufacturer, prepares monthly financial statements. On May 1, total assets were $119,032. The following transactions occurred during May:

  • Issued additional shares of stock for $119,000.
  • Acquired $8,000 of direct materials, $3,520 of it paid for with cash, the rest bought on open account.
  • A one year rental agreement was signed for $7,500 per month. Rent for the first three months was paid in advance.
  • Product sales were $103,000, $23,009 of which were cash sales; the rest were on account. Product costs were $64,890.
  • Paid wages and salaries of $10,019.
  • Paid $23,009 to suppliers for materials that X Company had previously purchased on account.
  • Collected $23,688 from customers who had previously purchased products from X Company on account.

What would total assets be on May 31? [Ignore adjusting entries.]

A: $38,628 B: $56,010 C: $81,215 D: $117,762 E: $170,754 F: $247,594

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