s 6 and 7 refer to the following information The following balance sheet is for X Company: Balance Sheet January 1, 2021 Equities Accounts Payable Assets Cash $97,387 Accounts Receivable 13,258 Wages Payable Inventory 153,126 Notes Payable Prepaid Rent Equipment 6,000 340,871 Paid-In Capital Total Assets Total Equities $610,642 Retained Earnings $219,041 1,201 34,446 293,855 62,099 $610,642 The following summary transactions occurred during 2021: borrowed $4,197 from the bank purchased $269,948 of merchandise on account and $165,452 for cash sold merchandise for $452,844 on account and $265,956 for cash; the merchandise cost $380,964 agreed to a four-year rental lease for $8,000 and paid $2,000 in advance received $201,140 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What was the cash balance on December 31, 2021? A: $214,115 B: $250,515 OC: $293,102 OD: $342,930 OE: $401,228 OF: $469,437 Submit Answer Tries 0/99 7. What was total owners' equity on December 31, 2021? A: $284,176 OB: $355,220 OC: $444,026 D: $555,032 OE: $693,790 F: $867,238