s 4 and 5 refer to the following information The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Cash Equities $89,838 Accounts Payable $216,770 Accounts Receivable 10,970 Wages Payable 1,031 Inventory 153,065 Notes Payable Prepaid Rent 5,778 Paid-In Capital 31,315 284,787 Equipment Total Assets 343,683 $603,334 Retained Earnings Total Equities 69,431 $603,334 The following summary transactions occurred during 2021: borrowed $4,982 from the bank paid $25,510 for advertising sold merchandise for $477,224 on account and $224,576 for cash; the merchandise cost $400,026 paid $5,557 for land and equipment received $8,789 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: $204,909 OB: $297,118 OC: $430,821 OD: $624,691 E: $905,801 OF: $1,313,412 Tries 0/99 5. What were total liabilities on December 31, 2021? OA: $162,623 OB: $203,278 OC: $254,098 OD: $317,622 OE: $397,028 F: $496,285 Tries 0/99