The following balance sheet is for X Company: Balance Sheet January 1, 2021 Equities Assets Accounts Cash $90,056 $202,222 Payable Accounts 11,897 Wages Payable 1,162 Receivable Inventory 159,140 Notes Payable 30,666 Prepaid Rent 5,712 Paid-In Capital 266,657 Retained Equipment 305,892 71,990 Earnings Total Assets $572,697 Total Equities $572,697 The following summary transactions occurred during 2021: borrowed $4,280 from the bank paid $25,280 for advertising sold merchandise for $464,904 on account and $239,496 for cash; the merchandise cost $373,332 agreed to a five-year rental lease for $8,000 and paid $1,600 in advance received $8,222 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? Submit Answer Tries 0/3 7. What were total liabilities on December 31, 2021