The following balance sheet is for X Company: Balance Sheet January 1, 2021 Equities Assets Cash $87,003 Accounts Payable Accounts Receivable 13,743 Wages Payable Inventory 150,114 Notes Payable Prepaid Rent 5,406 Paid-In Capital Equipment Total Assets 329,567 $585,833 Retained Earnings Total Equities The following summary transactions occurred during 2021: borrowed $4,919 from the bank purchased $288,042 of merchandise on account and $184,158 for cash sold merchandise for $470,925 on account and $253,575 for cash; the merchandise cost $420,210 agreed to a four-year rental lease for $10,000 and paid $2,500 in advance received $8,544 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? A: $122,276 B: $143,062 OC: $167,383 D: $195,838 E: $229,131 F: $268,083 Submit Answer Tries 0/99 7. What was total owners' equity on December 31, 2021? A: $666,309 B: $779,582 OC: $912,110|| OD: $1,067,169 E: $1,248,588 F: $1,460,848 Submit Answer Tries 0/99 $201,156 1,197 30,005 289,774 63,701 $585,833