The following balance sheet is for X Company: Assets Balance Sheet January 1, 2021 Equities Cash $95,912 Accounts Payable Accounts Receivable 13,968 Wages Payable Inventory 151,246 Notes Payable Prepaid Rent 5,851 Paid-In Capital $216,920 1,280 34,811 255,331 Equipment Total Assets 312,058 $579,035 Retained Earnings Total Equities 70,693 $579,035 The following summary transactions occurred during 2021: paid $83,552 to suppliers for merchandise previously purchased on account purchased $281,668 of merchandise on account and $138,732 for cash sold merchandise for $440,200 on account and $269,800 for cash; the merchandise cost $404,700 agreed to a four-year rental lease for $10,000 and paid $2,500 in advance received $229,255 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What were total assets on December 31, 2021? A: $443,372 B: $554,215 C: $692,769 D: $865,961 E: $1,082,451 F: $1,353,064 Submit Answer Tries 0/99 5. What was total owners' equity on December 31, 2021? A: $336,906 B: $394,180 C: $461,191 D: $539,593 E: $631,324 Submit Answer Tries 0/99 F: $738,649