s 4 and 5 refer to the following information The following balance sheet is for X Company: Assets Balance Sheet January 1, 2021 Equities Cash $93,595 Accounts Payable $219,481 Accounts Receivable 13,100 Wages Payable 1,435 Inventory 159,807 Notes Payable Prepaid Rent 5,186 Paid-In Capital 33,363 252,974 Equipment Total Assets 302,029 $573,717 Retained Earnings Total Equities 66,464 $573,717 The following summary transactions occurred during 2021: borrowed $4,063 from the bank paid $24,610 for advertising sold merchandise for $456,384 on account and $256,716 for cash; the merchandise cost $370,812 agreed to a five-year rental lease for $10,000 and paid $2,000 in advance received $204,523 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What was the cash balance on December 31, 2021? 287389 Submit Answer Incorrect. Tries 2/3 Previous Tries 5. What were total liabilities on December 31, 2021? Submit Answer Tries 0/3