X Company, a manufacturer, prepares monthly financial statements. On May 1, total equities were $119,144. The following transactions occurred during May: Issued additional shares of stock for $112,000. Acquired $8,500 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 $5,100 per month. Rent for the first two months was paid in advance. Product sales were $107,000; product costs were 69% of sales. 61% of the sales were on open account. Wages and salaries amounted to $11,339, of which $10,427 was paid. Paid $3,960 to suppliers for materials that X Company had previously purchased on account. Collected $3,668 from customers who had previously purchased products from X Company on account. Bought equipment for $80,600 with a down payment of $11,300 and a $69,300 loan from the bank. . 4. What would total equlties be on May 31? [Ignore adjusting entries.] Submit Answer Tries 0/3 ce 5. What would Net Income be for May? (Ignore adjusting entries.] Submit Answer Tries 0/3