s 6 and 7 refer to the following information The following balance sheet is for X Company: Assets Balance Sheet January 1, 2021 Equities Accounts Payable $245,848 1,461 33,609 247,036 Cash $89,471 Accounts Receivable 12,308 Wages Payable Inventory 153,796 Notes Payable Prepaid Rent 5,624 Paid-In Capital Equipment Total Assets 330,234 $591,433 Retained Earnings Total Equities The following summary transactions occurred during 2021: borrowed $4,533 from the bank paid $27,980 for advertising sold merchandise for $473,484 on account and $243,916 for cash; the merchandise cost $373,048 agreed to a five-year rental lease for $10,000 and paid $2,000 in advance received $8,950 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? Submit Answer Tries 0/3 7. What were total liabilities on December 31, 2021? Submit Answer Tries 0/3 63,479 $591,433