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 $95,434 Accounts Payable Accounts Receivable 13,150 Wages Payable Inventory 155,713 Notes Payable Prepaid Rent Equipment Total Assets 5,257 311,575 Paid-In Capital Retained Earnings $581,129 Total Equities The following summary transactions occurred during 2021: paid $89,629 to suppliers for merchandise previously purchased on account paid $26,720 for advertising sold merchandise for $489,486 on account and $219,914 for cash; the merchandise cost $375,982 paid $5,546 for land and equipment received $8,660 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What were total assets on December 31, 2021? A: $264,663 B: $383,761 C: $556,454 D: $806,858 E: $1,169,944 F: $1,696,419 Submit Answer Tries 0/99 5. What were total liabilities on December 31, 2021? A: $59,907 OB: $74,884 OC: $93,605 D: $117,007 OE: $146,258 F: $182,823 Submit Answer Tries 0/99 $238,576 1,360 32,516 242,074 66,603 $581,129