Balance Sheet January 1, 2021 Assets Equities Cash $83,185 Accounts Payable 1217,594 Accounts Receivable 11,530 Wages Payable 1,479 Inventory 150,362 Notes Payable 31.134 Prepaid Rent 5,522 Paid-In Capital 267,759 Equipment 331,640 Retained Earings $582,259 64,293 Total Equities $582.259 Total Assets The following summary transactions occurred during 2021: paid $83,717 to suppliers for merchandise previously purchased on account purchased $324,090 of merchandise on account and $174,510 for cash sold merchandise for $445,851 on account and $261,049 for cash; the merchandise cost $382,158 agreed to a four-year rental lease for $8,000 and paid $2,000 in advance received $211,472 from customers for merchandise previously sold on account The following summary transactions occurred during 2021: paid $83,717 to suppliers for merchandise previously purchased on account purchased $324,090 of merchandise on account and $174,510 for cash sold merchandise for $445,851 on account and $261,849 for cash; the merchandise cost $382,158 agreed to a four-year rental lease for $8,000 and paid $2,000 in advance received $211,472 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What were total assets on December 31, 2021? Submit Answer Tries 0/3 5. What was total owners' equity on December 31, 2021? Submit Answer Tries 0/3 S'Y Clear