The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Cash Accounts Receivable Inventory Prepaid Rent Equipment Total Assets Equities $96,928 Accounts Payable $205,898 11,528 Wages Payable 1,138 151,823 Notes Payable 33,991 6,392 Paid-In Capital 313,317 348,579 $615,250 Retained Earnings Total Equities 60,906 $615,250 The following summary transactions occurred during 2021: borrowed $4,183 from the bank purchased $268,201 of merchandise on account and $132,099 for cash sold merchandise for $448,384 on account and $252,216 for cash; the merchandise cost $399,342 paid $5,921 for land and equipment received $8,583 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: $73,440 B: $106,488 C: $154,407 OD: $223,890 E: $324,640 OF: $470,729 Submit Answer Tries 0/99 7. What was total owners' equity on December 31, 2021? A: $386,717 OB: $514,334 OC: $684,064 OD: $909,805 OE: $1,210,041 F: $1,609,354 Submit Answer Tries 0/99