The following balance sheet is for X Company: Assets Balance Sheet January 1, 2021 Equities Accounts Payable Cash $84,489 Accounts Receivable 14,583 Wages Payable Inventory 158,880 Notes Payable Prepaid Rent 5,660 Paid-In Capital Equipment Total Assets 348,638 $612,250 Retained Earnings Total Equities $243,213 1,283 32,983 261,498 73,273 $612,250 The following summary transactions occurred during 2021: borrowed $4,168 from the bank purchased $302,676 of merchandise on account and $155,924 for cash sold merchandise for $455,872 on account and $256,428 for cash; the merchandise cost $413,134 agreed to a four-year rental lease for $8,000 and paid $2,000 in advance received $8,236 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? OA: $30,484 OB: $44,202 OC: $64,093 OD: $92,936 OE: $134,757 OF: $195,397 Submit Answer Tries 0/99 7. What was total owners' equity on December 31, 2021? OA: $642,173 OB: $802,716 C: $1,003,395 OD: $1,254,244 E: $1,567,805 OF: $1,959,756 Submit Answer Tries 0/99