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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	$52,669	Accounts Payable	$53,009
Accounts Receivable	32,826	Wages Payable	1,040
Inventory	78,694	Notes Payable	31,287
Prepaid Rent	6,239	Paid-In Capital	227,289
Equipment	213,115	Retained Earnings	70,918
Total Assets	$383,543	Total Equities	$383,543

The following summary transactions occurred during January:

Sold stock to investors for $45,000.

Borrowed $26,000 from a bank.

Bought merchandise from suppliers, paying $3,280 and promising to pay $5,161 next month.

Bought equipment from a manufacturer, paying $31,800 and promising to pay $4,100 in three months.

Paid $3,315 to merchandise suppliers that it had promised to pay.

Sold merchandise, receiving $17,445 cash and promises to pay of $4,935; the merchandise that was sold previously cost $11,190.

Paid a total of $543 for rent and insurance in advance.

Received $3,570 from customers who had promised to pay.

Paid $5,670 for wages, utilties, and other miscellaneous expenses.

Note: Ignore adjusting entries. 4. What was the cash balance on January 31? $100,076

You are correct.

5. What were total equities on January 31?

6. What was net income in January?

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