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		Equities
Cash	$52,885	Accounts Payable	$51,299
Accounts Receivable	33,870	Wages Payable	1,184
Inventory	79,877	Notes Payable	30,439
Prepaid Rent	6,092	Paid-In Capital	258,724
Equipment	241,749	Retained Earnings	72,827
Total Assets	$414,473	Total Equities	$414,473

The following summary transactions occurred during January:

Sold stock to investors for $50,000.

Borrowed $24,000 from a bank.

Bought merchandise from suppliers, paying $3,491 and promising to pay $4,664 next month.

Bought equipment from a manufacturer, paying $32,100 and promising to pay $4,400 in three months.

Paid $3,396 to merchandise suppliers that it had promised to pay.

Sold merchandise, receiving $17,971 cash and promises to pay of $4,179; the merchandise that was sold previously cost $11,075.

Paid a total of $532 for rent and insurance in advance.

Received $3,040 from customers who had promised to pay.

Paid $5,740 for wages, utilties, and other miscellaneous expenses.

Note: Ignore adjusting entries.

Please Answer:

4. What was the cash balance on January 31?

5. What were total equities on January 31?

6. What was net income in January?