Questions 3, 4, 5, and 6 refer to the following information The following balance sheet is for X Company: Balance Sheet January 1, 2015 Assets Equities Cash $52,750 Accounts Payable Accounts Receivable 10,414 Wages Payable Inventory 155,171 Notes Payable Prepaid Rent 5,859 Paid-In Capital Equipment 310,897 Retained Earnings Total Assets $535,091 Total Equities The following summary transactions occurred during 2015: borrowed $4,101 from the bank paid $87,719 to suppliers for merchandise purchased on account paid for $55,600 of advertising purchased $215,373 of merchandise on account and $206,927 for cash sold merchandise for $534,750 on account and $178,250 for cash; the merchandise cost $377,890 signed a five-year rental lease for $10,000; paid for one year in advance paid $5,890 for land and equipment received $230,198 from customers for merchandise sold on account received $8,578 in cash contributions from new owners Note: Ignore adjusting entries. 3. What was the cash balance on December 31, 2015? Submit Answer Tries 0/3 $204,623 1,190 30,817 235,403 63,058 $535,091