The following balance sheet is for X Company: Assets Balance Sheet January 1, 2021 Equities Cash $97,606 Accounts Payable Accounts Receivable 13,400 Wages Payable Inventory 155,876 Notes Payable Prepaid Rent 5,876 Paid-In Capital $214,297 1,175 30,241 283,465 Equipment Total Assets 321,305 $594,063 Retained Earnings 64,885 Total Equities $594,063 The following summary transactions occurred during 2021: paid $81,465 to suppliers for merchandise previously purchased on account paid $20,710 for advertising sold merchandise for $446,152 on account and $273,448 for cash; the merchandise cost $388,584 paid $5,860 for land and equipment received $8,715 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What were total assets on December 31, 2021? Submit Answer Tries 0/3