Questions 6 and 7 refer to the following information The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Cash Equities $98,411 Accounts Payable $235,942 Accounts Receivable 10,844 Wages Payable 1,353 Inventory 153,141 Notes Payable 31,268 Prepaid Rent 5,776 Paid-In Capital 271,624 Equipment Total Assets 334,020 $602,192 Retained Earnings Total Equities 62,005 $602,192 The following summary transactions occurred during 2021: borrowed $4,377 from the bank purchased $302,412 of merchandise on account and $155,788 for cash sold merchandise for $472,685 on account and $232,815 for cash; the merchandise cost $373,915 agreed to a four-year rental lease for $10,000 and paid $2,500 in advance received $216,638 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What was the cash balance on December 31, 2021? OA: $271,692 OB: $393,953 OC: $571,232|| OD: $828,286 OE: $1,201,015 OF: $1,741,472 Submit Answer Tries 0/99 7. What was total owners' equity on December 31, 2021? A: $588,685 B: $665,214 OC: $751,692 D: $849,412 E: $959,835 OF: $1,084,614 Submit Answer Tries 0/99