s 6 and 7 refer to the following information The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $80,354 Accounts Payable $232,474 Accounts Receivable 13,505 Wages Payable 1,071 Inventory 158,276 Notes Payable Prepaid Rent Equipment Total Assets 6,212 Paid-In Capital 33,916 265,914 348,916 $607,263 Retained Earnings Total Equities 73,888 $607,263 The following summary transactions occurred during 2021: paid $85,015 to suppliers for merchandise previously purchased on account paid $24,860 for advertising sold merchandise for $429,196 on account and $274,404 for cash; the merchandise cost $365,872 paid $5,271 for land and equipment received $214,058 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: $835,116 B: $1,210,918 OC: $1,755,831 OD: $2,545,956 E: $3,691,635 OF: $5,352,871 Submit Answer Tries 0/99 7. What were total liabilities on December 31, 2021? A: $182,446 B: $206,164 OC: $232,965 OD: $263,251 E: $297,473 OF: $336,145 Submit Answer Tries 0/99