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	$52,276	Accounts Payable	$57,186
Accounts Receivable	31,102	Wages Payable	1,140
Inventory	75,168	Notes Payable	31,406
Prepaid Rent	5,099	Paid-In Capital	216,464
Equipment	211,788	Retained Earnings	69,237
Total Assets	$375,433	Total Equities	$375,433

The following summary transactions occurred during January:

Sold stock to investors for $50,000.

Borrowed $30,000 from a bank.

Bought merchandise from suppliers, paying $3,715 and promising to pay $4,302 next month.

Bought equipment from a manufacturer, paying $31,200 and promising to pay $4,200 in three months.

Paid $2,843 to merchandise suppliers that it had promised to pay.

Sold merchandise, receiving $17,837 cash and promises to pay of $4,513; the merchandise that was sold previously cost $11,175.

Paid a total of $512 for rent and insurance in advance.

Received $2,712 from customers who had promised to pay.

Paid $5,260 for wages, utilties, and other miscellaneous expenses.

Note: Ignore adjusting entries. 4. What was the cash balance on January 31? $109,295

You are correct. Your receipt no. is 152-3693

5. What were total equities on January 31?

The answer is not 341350 or 346876

6. What was net income in January?

5649 and 11175 are incorrect