The following balance sheet is for X Company:

Balance Sheet - January 1, 2016

Assets		Equities
Cash	$54,342	Accounts Payable	$226,404
Accounts Receivable	11,765	Wages Payable	1,302
Inventory	151,231	Notes Payable	34,800
Prepaid Rent	6,319	Paid-In Capital	206,107
Equipment	313,594	Retained Earnings	68,638
Total Assets	$537,251	Total Equities	$537,251

The following summary transactions occurred during 2015:

- borrowed $4,164 from the bank

- paid $80,715 to suppliers for merchandise purchased on account

- paid for $56,400 of advertising

- purchased $256,872 of merchandise on account and $201,828 for cash

- sold merchandise for $511,555 on account and $208,945 for cash; the merchandise cost $374,660

- signed a five-year rental lease for $10,000; paid for one year in advance

- paid $5,989 for land and equipment

- received $217,661 from customers for merchandise sold on account

- received $8,160 in cash contributions from new owners

What was the cash balance on December 31, 2015?

What were total assets on December 31, 2015?