s 6 and 7 refer to the following information The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Cash Equities $91,224 Accounts Payable $231,572 Accounts Receivable 14,737 Wages Payable 1,118 Inventory 154,832 Notes Payable 32,413 Prepaid Rent 5,583 Paid-In Capital Equipment Total Assets 317,239 $583,615 Retained Earnings Total Equities 244,899 73,613 $583,615 The following summary transactions occurred during 2021: paid $80,543 to suppliers for merchandise previously purchased on account purchased $315,200 of merchandise on account and $177,300 for cash sold merchandise for $448,119 on account and $263,181 for cash; the merchandise cost $405,441 agreed to a five-year rental lease for $8,000 and paid $1,600 in advance received $207,780 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What were total equities on December 31, 2021? A: $359,261 B: $477,817 OC: $635,497 D: $845,211 E: $1,124,131 F: $1,495,094 Tries 0/99 7. What was total owners' equity on December 31, 2021? A: $624,371 OB: $705,539 C: $797,259 D: $900,903 E: $1,018,020 F: $1,150,363 Tries 0/99