X Company is a merchandiser and prepares monthly financial statements. The following is its balance sheet at the beginning of January Balance Sheet anuary 1 Assets Cash Accounts Receivable Inventory Prepaid Rent Equipment Total Assets Equities $52,669 Accounts Payable 32,826 Wages Payable 78,694 Notes Payable 6,239 Paid-In Capital 213,115 Retained Earnings $53,009 1,040 31,287 227,289 70,918 $383,543 $383,543 Total Equities The following summary transactions occurred during January: 1. Sold stock to investors for $45,000 2. Borrowed $26,000 from a bank. 3. Bought merchandise from suppliers, paying $3,280 and promising to pay $5,161 next month. 4. Bought equipment from a manufacturer, paying $31,800 and promising to pay $4,100 in three months 5. Paid $3,315 to merchandise suppliers that it had promised to pay 6. Sold merchandise, receiving $17,445 cash and promises to pay of $4,935; the merchandise that was sold previously cost $11,190 7. Paid a total of $543 for rent and insurance in advance 8. Received $3,570 from customers who had promised to pay 9. Paid $5,670 for wages, utilties, and other miscellaneous expenses. Note: Ignore adjusting entries 4. What was the cash balance on January 31? $100,076 You are correct. Your receipt no. is 152-7531 5. What wre total equities on January 31? Submit Answer Tries 0/3 6. What was net income in January? Submit Answer Incorrect. Tries 1/3 Previous Tries