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 $87,748 Accounts Payable Accounts Receivable 13,022 Wages Payable $231,633 1,352 Inventory 152,068 Notes Payable Prepaid Rent 5,679 Paid-In Capital 32,817 274,535 Equipment Total Assets 343,945 $602,462 Retained Earnings 62,125 Total Equities $602,462 The following summary transactions occurred during 2021: paid $84,651 to suppliers for merchandise previously purchased on account purchased $298,860 of merchandise on account and $140,640 for cash sold merchandise for $470,015 on account and $253,085 for cash; the merchandise cost $404,936 paid $5,381 for land and equipment received $8,778 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What were total equities on December 31, 2021? Submit Answer Tries 0/3 7. What was total owners' equity on December 31, 2021? Submit Answer Tries 0/3