Questions 6 and 7 refer to the following information The following balance sheet is for X Company: Assets Balance Sheet January 1, 2021 Equities Accounts Payable $221,584 1,373 34,403 267,555 Cash $84,567 Accounts Receivable 10,631 Wages Payable Inventory 154,277 Notes Payable Prepaid Rent 6,160 Paid-In Capital 339,705 $595,340 Retained Earnings Total Equities Equipment Total Assets The following summary transactions occurred during 2021: paid $88,836 to suppliers for merchandise previously purchased on account purchased $292,857 of merchandise on account and $144,243 for cash sold merchandise for $453,348 on account and $266,252 for cash; the merchandise cost $395,780 agreed to a four-year rental lease for $10,000 and paid $2,500 in advance received $8,459 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What were total equities on December 31, 2021? A: $579,400 B: $724,250 C: $905,312 OD: $1,131,640 E: $1,414,550 F: $1,768,188 Submit Answer Tries 0/99 7. What was total owners' equity on December 31, 2021? A: $357,684 B: $418,490 C: $489,633 OD: $572,871 E: $670,259 OF: $784,203 Submit Answer Tries 0/99 70,425 $595,340