X Company, a manufacturer, prepares monthly financial statements. On May 1, total assets were $115,628. The following transactions occurred during May: Issued additional shares of stock for $115,000. Acquired $8,000 of direct materials, $4,080 of it bought on open account, the rest paid for with cash. 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 $102,000, $23,459 of which were cash sales; the rest were on account. Product costs were $63,240. Paid wages and salaries of $10,322. Paid $23,459 to suppliers for materials that X Company had previously purchased on account. Collected $23,755 from customers who had previously purchased products from X Company on account. What would total assets be on May 31? [Ignore adjusting entries.] 259066 Submit Answer Incorrect. Tries 1/3 Previous Tries