The following balance sheet is for X Company: Assets Balance Sheet January 1, 2021 Equities Cash...

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The following balance sheet is for X Company: Assets Balance Sheet January 1, 2021 Equities Cash $97,109 Accounts Payable $228,106 Accounts Receivable 14,025 Wages Payable 1,399 Inventory 154,396 Notes Payable Prepaid Rent 5,056 Paid-In Capital 31,417 290,014 Equipment Total Assets 344,032 $614,618 Retained Earnings Total Equities 63,682 $614,618 The following summary transactions occurred during 2021: borrowed $4,619 from the bank paid $20,260 for advertising sold merchandise for $455,808 on account and $256,392 for cash; the merchandise cost $398,832 paid $5,143 for land and equipment received $8,872 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. The following balance sheet is for X Company: Assets Balance Sheet January 1, 2021 Equities Cash $97,109 Accounts Payable $228,106 Accounts Receivable 14,025 Wages Payable 1,399 Inventory 154,396 Notes Payable Prepaid Rent 5,056 Paid-In Capital 31,417 290,014 Equipment Total Assets 344,032 $614,618 Retained Earnings Total Equities 63,682 $614,618 The following summary transactions occurred during 2021: borrowed $4,619 from the bank paid $20,260 for advertising sold merchandise for $455,808 on account and $256,392 for cash; the merchandise cost $398,832 paid $5,143 for land and equipment received $8,872 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021.