The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $89,379 Accounts Payable $222,155 Accounts Receivable 11,468 Wages Payable 1,469 Inventory 152,508 Notes Payable Prepaid Rent 5,366 Paid-In Capital Equipment Total Assets 312,592 $571,313 Retained Earnings Total Equities 30,547 242,962 74,180 $571,313 The following summary transactions occurred during 2021: paid $85,342 to suppliers for merchandise previously purchased on account paid $24,560 for advertising sold merchandise for $427,366 on account and $273,234 for cash; the merchandise cost $371,318 agreed to a four-year rental lease for $10,000 and paid $2,500 in advance received $225,517 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What were total equities on December 31, 2021? A: $123,358 OB: $178,869 OC: $259,361 OD: $376,073 OE: $545,306 OF: $790,693 Submit Answer Tries 0/99 7. What were total liabilities on December 31, 2021? A: $168,829 OB: $190,777 C: $215,578 D: $243,603 E: $275,271 F: $311,056 Submit Answer Tries 0/99