X Company started business on April 1 and prepares monthly financial statements. In April, the company

• received $48,000 from a group of investors,
• bought $8,908 of merchandise, $5,137 on account and $3,771 for cash,
• sold merchandise for $41,200, of which $4,981 were on account and $36,219 were for cash; the cost of the merchandise that was sold was $22,660,
• paid $3,171 to suppliers for merchandise previously bought on account,
• collected $2,997 from customers on account, and
• paid expenses totalling $6,221.

4. What were total equities on April 30?

5. What was Net Income in April?