Reference no: EM132784322

B Company, A manufacturer prepares a monthly financial statement. On March 1, total equities were $116,818. The following transactions occurred during March.

1. They Acquired $8,200 of direct materials, 51% of which was acquired on open accounts; the rest was paid in cash.
2. A one-year rental agreement was signed for $7,500 per month. Rent for the first three months was paid in advance. 
3. Issued additional shares of stock for $112,000. 
4. Product sales were $124,000; product costs were 72% of sales. 71% of the sales were on open account. 
5. Bought equipment for $82,000 with a down payment of $16,000 and a $66,000 loan from the bank. 
6. Paid $3,920 to suppliers for materials that B Company had previously purchased on account. 
7. Collected $3,583 from customers who had previously purchased products from B Company on the account. 
8. Wages and salaries amounted to $10,458, of which $9,526 was paid.

problem 1: What would total equities be on March 31st?

problem 2: What would Net Income be for March?