X Company, a manufacturer, prepares monthly financial statements. On May 1, total equities were $113,556. The following transactions occurred during May: . . Issued additional shares of stock for $106,000. 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 $5,400 per month. Rent for the first two months was paid in advance. Product sales were $111,000, $23,025 of which were on account; the rest were cash sales. Product costs were $78,810. Paid wages and salaries of $10,610. Paid $23,699 to suppliers for materials that X Company had previously purchased on account. Collected $23,025 from customers who had previously purchased products from X Company on account. . . What would total equities be on May 31? [Ignore adjusting entries.] 221357 Submit Answer Incorrect. Tries 2/3 Previous Tries