Balance Sheet January 1, 2021 Equities Assets Cash $87,271 Accounts Payable $201,967 Accounts Receivable 14,696 Wages Payable 1,170 Inventory 157,496 Notes Payable 31,903 Prepaid Rent 5,982 Paid-In Capital 288,801 319,147 Retained Earnings 60,751 $584,592 Total Equities $584,592 Equipment Total Assets 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? OA: $190,475 B: $222,856 C: $260,742 OD: $305,068 OE: $356,930 OF: $417,608 Submit Answer Tries 0/99 5. What were total liabilities on December 31, 2021? A: $205,039 OB: $239,896 OC: $280,678 OD: $328,394 OE: $384,221 OF: $449,538