Balance Sheet January 1, 2021 Equities Assets Cash $98,330 Accounts Payable Accounts Receivable 10,178 Wages Payable Inventory 151,458 Notes Payable Prepaid Rent 5,517 Paid-In Capital Equipment Total Assets 320,100 $585,583 Retained Earnings Total Equities The following summary transactions occurred during 2021: paid $80,257 to suppliers for merchandise previously purchased on account paid $20,800 for advertising sold merchandise for $431,514 on account and $275,886 for cash; the merchandise cost $389,070 paid $5,234 for land and equipment received $8,943 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What were total assets on December 31, 2021? OA: $811,799 OB: $949,805 C: $1,111,272|| Submit Answer Tries 0/99 D: $1,300,188 E: $1,521,220||OF: $1,779,827 5. What were total liabilities on December 31, 2021? $243,658 1,282 30,638 241,404 68,601 $585,583