X Company, a manufacturer, prepares monthly financial statements. On May 1, total assets were $117,516. The following transactions occurred during May:

Issued additional shares of stock for $119,000.

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 $5,600 per month. Rent for the first three months was paid in advance.

Product sales were $110,000; product costs were 69% of sales. 68% of the sales were on open account.

Wages and salaries amounted to $11,770, of which $10,779 was paid.

Paid $3,141 to suppliers for materials that X Company had previously purchased on account.

Collected $3,850 from customers who had previously purchased products from X Company on account.

Bought equipment for $75,200 with a down payment of $12,700 and a $62,500 loan from the bank.

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

5. What would Net Income be for May? [Ignore adjusting entries.]