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  1. business
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  3. x company, a manufacturer, prepares monthly financ

X Company, a manufacturer, prepares monthly financial statements. On May 1, total equities were $115,574....

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X Company, a manufacturer, prepares monthly financial statements. On May 1, total equities were $115,574. The following transactions occurred during May: . . Issued additional shares of stock for $104,000. Acquired $8,000 of direct materials, $3,920 of it paid for with cash, the rest bought on open account. A one year rental agreement was signed for $7,900 per month. Rent for the first three months was paid in advance. Product sales were $116,000, $23,112 of which were on account; the rest were cash sales. Product costs were $71,920. Paid wages and salaries of $11,882. Paid $23,591 to suppliers for materials that X Company had previously purchased on account. Collected $23,112 from customers who had previously purchased products from X Company on account. What would total equities be on May 31? [Ignore adjusting entries.] A: $98,724 B: $131,303|| OC: $174,632| OD: $232,261 OE: $308,907| OF: $410,846

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