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 Inventory Prepaid Rent Equipment Total Assets Equities $62,095 1,115 34,771 202,260 70,404 $370,645 $52,258 Accounts Payable 31,586 Wages Payable 75,184 Notes Payable 5,672 Paid-In Capital 205,945 Retained Earnings $370,645 Total Equities The following summary transactions occurred during January 1. Sold stock to investors for $45,000 2. Borrowed $25,000 from a bank. 3. Bought merchandise from suppliers, paying $3,217 and promising to pay $5,277 next month 4. Bought equipment from a manufacturer, paying $36,600 and promising to pay $4,600 in three months 5. Paid $3,600 to merchandise suppliers that it had promised to pay 6. Sold merchandise, receiving $16,624 cash and promises to pay of $4,566; the merchandise that was sold previously cost $10,595 7. Paid a total of $508 for rent and insurance in advance 8. Received $2,567 from customers who had promised to pay 9. Paid $5,490 for wages, utilties, and other miscellaneous expenses Note: Ignore adjusting entries 4. What was the cash balance on January 31? $92,034 You are correct. Your receipt no. is 152-9569 ) 5. What were total equities on January 31? 317664