X Company is a merchandiser and prepares monthly financial statements. The following is its balance sheet at the beginning of January Balance Sheet anuary1 Equities Assets Cash Accounts Receivable Inventory Prepaid Rent Equipment Total Assets $62,084 1,239 30,044 227,687 60,466 $381,520 $53,059 Accounts Payable 34,435 Wages Payable 84,882 Notes Payable 5,242 Paid-In Capital 203,902 Retained Earnings $381,520 Total Equities The following summary transactions occurred during January 1. Sold stock to investors for $43,000 2. Borrowed $26,000 from a bank. 3. Bought merchandise from suppliers, paying $3,416 and promising to pay $5,211 next month 4. Bought equipment from a manufacturer, paying $38,000 and promising to pay $4,300 in three months 5. Paid $3,421 to merchandise suppliers that it had promised to pay 6. Sold merchandise, receiving $17,944 cash and promises to pay of $4,236; the merchandise that was sold previously cost $11,090 7, Paid a total of $564 for rent and insurance in advance 8. Received $3,005 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? Submit Answer Tries 0/3 5. What were total equities on January 31? 444162 Submit AnswerIncorrect. Tries 1/3 Previous Tries 6. What was net income in January? 112588 Submit Answer Incorrect. Tries 1/3 Previous Tries