s 4 and 5 refer to the following information The following balance sheet is for X Company: Assets Cash Accounts Receivable Inventory Prepaid Rent Equipment Total Assets The following summary transactions occurred during 2021: borrowed $4,291 from the bank paid $27,640 for advertising sold merchandise for $461,370 on account and $248,430 for cash; the merchandise cost $411,684 paid $5,497 for land and equipment received $8,080 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What was the cash balance on December 31, 2021? A: $103,907 B: $129,884 OC: $162,355 D: $202,943 E: $253,679 F: $317,099 Submit Answer Tries 0/99 5. What were total liabilities on December 31, 2021? OA: $276,035 OB: $345,044 OC: $431,305 D: $539,131 E: $673,914 F: $842,392 Submit Answer Tries 0/99 Balance Sheet January 1, 2021 Equities $89,435 12,162 Accounts Payable Wages Payable 158,477 Notes Payable 6,065 328,646 Paid-In Capital $594,785 Total Equities $240,336 1,107 30,301 257,707 Retained Earnings 65,334 $594,785