The following balance sheet is for X Company: Assets Balance Sheet January 1, 2021 Equities Accounts Payable Cash $91,161 Accounts Receivable 12,499 Wages Payable Inventory 150,231 Notes Payable Prepaid Rent 5,033 Paid-In Capital Equipment Total Assets 305,287 $564,211 Retained Earnings Total Equities $238,286 1,479 34,853 218,342 71,251 $564,211 The following summary transactions occurred during 2021: borrowed $4,394 from the bank paid $26,970 for advertising sold merchandise for $482,188 on account and $226,912 for cash; the merchandise cost $368,732 paid $5,628 for land and equipment received $218,684 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What was the cash balance on December 31, 20217 A: $311,905 B: $352,453 C: $398,272 D: $450,047 E: $508,553 Submit Answer Tries 0/99 F: $574,665 5. What were total liabilities on December 31, 2021? A: $279,012 B: $348,765 C: $435,956 D: $544,945 E: $681,182 F: $851,477 Submit Answer Tries 0/99