The following balance sheet is for X Company: Assets Balance Sheet January 1, 2021 Equities Cash $88,271 Accounts Payable $223,558 Accounts Receivable 14,767 Wages Payable 1,074 Inventory 155,504 Notes Payable 33,950 Prepaid Rent 6,112 Paid-In Capital 270,725 Equipment Total Assets 336,310 $600,964 Retained Earnings Total Equities 71,657 $600,964 The following summary transactions occurred during 2021: paid $87,272 to suppliers for merchandise previously purchased on account paid $22,250 for advertising sold merchandise for $447,615 on account and $262,885 for cash; the merchandise cost $376,565 agreed to a four-year rental lease for $8,000 and paid $2,000 in advance received $239,289 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: $528,241 B: $660,302 C: $825,377 OD: $1,031,721 E: $1,289,652 OF: $1,612,064 Submit Answer Tries 0/99 5. What were total liabilities on December 31, 2021? A: $41,165 B: $54,749 C: $72,816 OD: $96,845 E: $128,805 OF: $171,310 Submit Answer Tries 0/99