Questions 4 and 5 refer to the following information The following balance sheet is for X Company: Balance Sheet January 1, 2021 Equities Assets Cash $96,518 Accounts Payable $220,266 Accounts Receivable 14,830 Wages Payable 1,027 Inventory 159,936 Notes Payable 33,335 Prepaid Rent 5,580 Paid-In Capital 284,054 Equipment Total Assets 324,211 $601,075 Retained Earnings Total Equities 62,393 $601,075 The following summary transactions occurred during 2021: paid $80,572 to suppliers for merchandise previously purchased on account paid $21,150 for advertising sold merchandise for $465,725 on account and $250,775 for cash; the merchandise cost $372,580 paid $5,049 for land and equipment received $8,584 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? A: $587,488 B: $851,857 C: $1,235,193 OD: $1,791,029 E: $2,596,993 OF: $3,765,639 Submit Answer Tries 0/99 5. What were total liabilities on December 31, 2021? A: $130,869 OB: $174,056 OC: $231,494 D: $307,888 E: $409,491 OF: $544,622 Submit Answer Tries 0/99