The following balance sheet is for X Company:

Balance Sheet

January 1, 2021

Assets		Equities
Cash	$83,725	Accounts Payable	$203,647
Accounts Receivable	13,374	Wages Payable	1,006
Inventory	153,951	Notes Payable	30,218
Prepaid Rent	5,972	Paid-In Capital	261,399
Equipment	309,074	Retained Earnings	69,826
Total Assets	$566,096	Total Equities	$566,096

The following summary transactions occurred during 2021:

• paid $86,527 to suppliers for merchandise previously purchased on account
• purchased $299,959 of merchandise on account and $147,741 for cash
• sold merchandise for $449,984 on account and $253,116 for cash; the merchandise cost $372,643
• agreed to a four-year rental lease for $10,000 and paid $2,500 in advance
• received $230,907 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?

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5. What was total owners' equity on December 31, 2021?