Course Contents EXAM 3 Questions 4 & 5 Questions 4 and 5 refer to the following information The following balance sheet is for X Company: Assets Cash $92,742 Balance Sheet January 1, 2021 Equities Accounts Payable Accounts Receivable 12,719 Wages Payable Inventory 151,642 Notes Payable Prepaid Rent 6,333 Paid-In Capital Equipment Total Assets 327,327 $590,763 Retained Earnings Total Equities The following summary transactions occurred during 2021: paid $86,446 to suppliers for merchandise previously purchased on account purchased $298,588 of merchandise on account and $140,512 for cash sold merchandise for $439,146 on account and $269,154 for cash; the merchandise cost $375,399 agreed to a four-year rental lease for $8,000 and paid $2,000 in advance received $208,159 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? OA: $581,533 OB: $726,916 OC: $908,645 OD: $1,135,806 E: $1,419,758 OF: $1,774,697 Submit Answer Tries 0/99 5. What was total owners' equity on December 31, 2021? OA: $279,712 OB: $372,017 OC: $494,783 OD: $658,061 E: $875,221 OF: $1,164,044 Submit Answer Tries 0/99 Timer Notes Evaluate Feedback Print $230,414 1,375 33,814 261,798 63,362 $590,763