s 6 and 7 refer to the following information The following balance sheet is for X Company: Assets Balance Sheet January 1, 2021 Equities Cash $94,167 Accounts Payable Accounts Receivable 14,881 Wages Payable Inventory 150,032 Notes Payable Prepaid Rent 6,411 Paid-In Capital 337,236 $602,727 Retained Earnings Total Equities Equipment Total Assets The following summary transactions occurred during 2021: borrowed $4,725 from the bank purchased $298,860 of merchandise on account and $140,640 for cash sold merchandise for $482,732 on account and $227,168 for cash; the merchandise cost $383,346 paid $5,276 for land and equipment received $8,487 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What was the cash balance on December 31, 2021? OA: $100,663 B: $117,776 OC: $137,798 OD: $161,223 OE: $188,631 OF: $220,698 Submit Answer Tries 0/99 7. What was total owners' equity on December 31, 2021? OA: $482,404 OB: $545,116 OC: $615,981 OD: $696,059 OE: $786,547 OF: $888,798 $205,847 1,118 34,744 294,088 66,930 $602,727