Reference no: EM133088603

Question - X Company, a manufacturer, prepares monthly financial statements. On August 1, total equities were $117,602. The following transactions occurred during August:

Issued additional shares of stock for $102,000.

Acquired $8,800 of direct materials, $3,872 of it paid for with cash, the rest bought on open account.

A one year rental agreement was signed for $6,200 per month. Rent for the first two months was paid in advance.

Product sales were $108,000, $23,036 of which were on account; the rest were cash sales. Product costs were $69,120.

Paid wages and salaries of $11,726.

Paid $23,005 to suppliers for materials that X Company had previously purchased on account.

Collected $23,036 from customers who had previously purchased products from X Company on account.

Required - What would total equities be on August 31?