Questions 6 and 7 refer to the following information The following balance sheet is for X Company: Balance Sheet January 1, 2021 Equities Assets Cash $92,546 Accounts Payable $206,546 Accounts Receivable 12,612 Wages Payable 1,467 Inventory 158,852 Notes Payable Prepaid Rent 5,535 Paid-In Capital 32,312 292,369 Equipment Total Assets 330,632 $600,177 Retained Earnings Total Equities 67,483 $600,177 The following summary transactions occurred during 2021: borrowed $4,367 from the bank paid $27,760 for advertising sold merchandise for $488,175 on account and $219,325 for cash; the merchandise cost $417,425 paid $5,029 for land and equipment received $8,401 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What was the cash balance on December 31, 2021? A: $158,404 OB: $178,997 OC: $202,267 OD: $228,561 OE: $258,274 OF: $291,850 Submit Answer Tries 0/99 7. What were total liabilities on December 31, 2021? A: $80,181 B: $100,226 OC: $125,282 D: $156,603 E: $195,754 OF: $244,692