Questions 4 and 5 refer to the following information The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Cash Equities $91,465 Accounts Payable $248,644 Accounts Receivable 14,685 Wages Payable 1,296 Inventory 153,819 Notes Payable 31,141 Prepaid Rent 6,125 Paid-In Capital 238,187 327,841 $593,935 Retained Earnings Total Equities 74,667 $593,935 Equipment Total Assets The following summary transactions occurred during 2021: paid $82,645 to suppliers for merchandise previously purchased on account purchased $322,806 of merchandise on account and $158,994 for cash sold merchandise for $440,725 on account and $281,775 for cash; the merchandise cost $411,825 agreed to a four-year rental lease for $8,000 and paid $2,000 in advance received $220,569 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? A: $793,384 B: $896,524 OC: $1,013,072 OD: $1,144,771 OE: $1,293,591 OF: $1,461,758 Submit Answer Tries 0/99 5. What was total owners' equity on December 31, 2021? A: $389,313 B: $455,496 C: $532,931 OD: $623,529 E: $729,529 F: $853,549