X Company is a merchandiser and prepares monthly financial statements. The following is its balance sheet at the beginning of January Balance Sheet January 1 Assets Cash Accounts Receivable Equities $52,160 1,488 33,534 265,682 60,447 $413,311 $52,962 Accounts Payable 33,426 Wages Payable 76,673 Notes Payable Prepaid Rent Equipment Total Assets 5,320 Paid-In Capital 244,930 Retained Earnings $413,311 Total Equities The following summary transactions occurred during January 1. Sold stock to investors for $40,000 2. Borrowed $28,000 from a bank. 3. Bought merchandise from suppliers, paying $3,548 and promising to pay $4,622 next month. 4. Bought equipment from a manufacturer, paying $31,100 and promising to pay $4,700 in three months. 5. Paid $3,139 to merchandise suppliers that it had promised to pay 6. Sold merchandise, receiving $16,280 cash and promises to pay of $4,930; the merchandise that was sold previously cost $10,605 7. Paid a total of $539 for rent and insurance in advance 8. Received $3,654 from customers who had promised to pay 9. Paid $5,460 for wages, utilties, and other miscellaneous expenses. Note: Ignore adjusting entries 4. What was the cash balance on January 31? $97,110 You are correct. Your receipt no. is 152-2283 5. What were total equities on January 31? 446006 Incorrect. Tries 2/3 Previous Tries Submit Answer 6. What was net income in January? $5,145 You are correct. Your receipt no. is 152-9893