Questions 4 and 5 refer to the following information

The following balance sheet is for X Company:

Balance Sheet

January 1, 2021

Assets		Equities
Cash	$89,154	Accounts Payable	$206,406
Accounts Receivable	13,945	Wages Payable	1,239
Inventory	153,839	Notes Payable	32,922
Prepaid Rent	5,733	Paid-In Capital	288,821
Equipment	338,821	Retained Earnings	72,104
Total Assets	$601,492	Total Equities	$601,492

The following summary transactions occurred during 2021:

• borrowed $4,590 from the bank
• paid $24,290 for advertising
• sold merchandise for $484,812 on account and $238,788 for cash; the merchandise cost $412,452
• paid $5,551 for land and equipment
• received $220,922 from customers for merchandise previously sold on account

Note: For the questions below, ignore adjusting entries on December 31, 2021.

4. What was the cash balance on December 31, 2021?

Incorrect.

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5. What were total liabilities on December 31, 2021?

$245,157

You are correct. Your receipt no. is 154-3106

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