The following balance sheet is for X Company: Assets Cash Accounts Receivable Inventory Prepaid Rent Equipment Total Assets The following summary transactions occurred during 2021: borrowed $4,983 from the bank purchased $258,552 of merchandise on account and $151,848 for cash sold merchandise for $473,556 on account and $233,244 for cash; the merchandise cost $417,012 paid $5,806 for land and equipment received $228,597 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What was the cash balance on December 31, 2021? OA: $227,709 B: $302,853 OC: $402,795 D: $535,717 OE: $712,504 Submit Answer Tries 0/99 F: $947,630 7. What was total owners' equity on December 31, 2021? A: $542,865 B: $613,438 OC: $693,185 D: $783,299 OE: $885,128 Submit Answer Tries 0/99 F: $1,000,194 Balance Sheet January 1, 2021 Equities Accounts Payable Wages Payable $93,625 12,402 153,285 5,110 325,778 Notes Payable Paid-In Capital $590,200 Total Equities $232,590 1,139 32,821 255,118 Retained Earnings 68,532 $590,200