Assets Balance Sheet January 1, 2021 Equities Cash $87,271 Accounts Payable Accounts Receivable 14,696 Wages Payable. Inventory 157,496 Notes Payable Prepaid Rent 5,982 Paid-In Capital Equipment Total Assets 319,147 $584,592 Retained Earnings Total Equities The following summary transactions occurred during 2021: borrowed $4,856 from the bank paid $27,680 for advertising sold merchandise for $483,271 on account and $238,029 for cash; the merchandise cost $425,567 paid $5,496 for land and equipment received $8,088 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What was the cash balance on December 31, 2021? A: $190,475 8: $222.856 C: $260,742 OD: $305,068 E: $356,930 OF: $417,608 Submit Answer Tries 0/99 5. What were total liabilities on December 31, 20217 OA: $205,039 B: $239,896 OC: $280,678 OD: $328,394 OE: $384,22:|| OF: $449,538 $201,967 1,170 31,903 288,801 60,751 $584,592