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X Company, a manufacturer, prepares monthly financial statements. On May 1, total equities were $116,583. The following transactions occurred during May:
Problem 1: What would total equities be on May 31? (Ignore adjusting entries.)
A: $169,508
B: $211,885
C: $264,856
D: $331,070
E: $413,838
F: $517,297
Problem 2: What would Net Income be for May? (Ignore adjusting entries.)
A: $9,372
B: $12,465
C: $16,579
D: $22,050
E: $29,326
F: $39,004
What is the successful company's secret in terms of competitive advantage and strategy and how are differences in business models reflected in the financial statements' figures?
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