s 4 and 5 refer to the following information The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $89,617 Accounts Payable Accounts Receivable 14,657 Wages Payable Inventory 157,012 Notes Payable Prepaid Rent 5,900 Paid-In Capital Equipment Total Assets 317,568 $584,754 Retained Earnings Total Equities The following summary transactions occurred during 2021: borrowed $4,900 from the bank purchased $299,200 of merchandise on account and $168,300 for cash sold merchandise for $436,108 on account and $267,292 for cash; the merchandise cost $400,938 agreed to a four-year rental lease for $8,000 and paid $2,000 in advance received $8,897 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: $64,048 B: $85,184 C: $113,294 OD: $150,681 Submit Answer Tries 0/99 E: $200,406 F: $266,540 5. What was total owners' equity on December 31, 2021? A: $299,716 B: $434,588 OC: $630,153 D: $913,722 E: $1,324,897 OF: $1,921,100 Submit Answer Tries 0/99 $234,172 1,152 30,636 248,672 70,122 $584,754