The following balance sheet is for X Company:

Balance Sheet

January 1, 2021

Assets		Equities
Cash	$85,837	Accounts Payable	$244,896
Accounts Receivable	10,910	Wages Payable	1,224
Inventory	158,557	Notes Payable	31,651
Prepaid Rent	6,055	Paid-In Capital	214,665
Equipment	303,269	Retained Earnings	72,192
Total Assets	$564,628	Total Equities	$564,628

The following summary transactions occurred during 2021:

• borrowed $4,911 from the bank
• paid $28,340 for advertising
• sold merchandise for $461,696 on account and $259,704 for cash; the merchandise cost $403,984
• paid $5,909 for land and equipment
• received $8,906 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?