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	$50,201	Accounts Payable	$56,822
Accounts Receivable	31,860	Wages Payable	1,097
Inventory	79,794	Notes Payable	30,191
Prepaid Rent	5,693	Paid-In Capital	217,815
Equipment	211,418	Retained Earnings	73,041
Total Assets	$378,966	Total Equities	$378,966

The following summary transactions occurred during January:

Sold stock to investors for $40,000.

Borrowed $22,000 from a bank.

Bought merchandise from suppliers, paying $3,520 and promising to pay $4,530 next month.

Bought equipment from a manufacturer, paying $39,200 and promising to pay $4,700 in three months.

Paid $3,326 to merchandise suppliers that it had promised to pay.

Sold merchandise, receiving $16,327 cash and promises to pay of $4,503; the merchandise that was sold previously cost $10,415.

Paid a total of $518 for rent and insurance in advance.

Received $2,901 from customers who had promised to pay.

Paid $5,330 for wages, utilties, and other miscellaneous expenses.

Note: Ignore adjusting entries. 4. What was the cash balance on January 31?

5. What were total equities on January 31?

6. What was net income in January?