X Company was created on September 1 and prepares monthly financial statements. During September, X Company

issued stock to investors for $86,000,

borrowed $100,000 from a bank,

bought merchandise that it planned to sell, paying $3,557 and promising to pay $4,926 in October,

bought equipment, paying $5,900 and promising to pay $4,300 in December,

paid $3,606 that it had promised to pay to suppliers for previous purchases on account,

sold merchandise, receiving cash of $17,047 and promises to pay from customers of $4,293; the merchandise that was sold had cost $10,670,

paid off a loan for $3,820 [ignore interest],

received $2,693 from customers who had promised to pay,

paid $5,900 for wages, utilties, and other miscellaneous expenses.

4. What were total assets on September 30 [assume no adjusting entries on September 30]?

5. What was Net Income in September [assume no adjusting entries on September 30]?