The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $89,137 Accounts Payable $212,210 Accounts Receivable 10,662 Wages Payable 1,306 Inventory 159,854 Notes Payable Prepaid Rent 5,038 Paid-In Capital 34,045 265,557 Equipment Total Assets 313,434 $578,125 Retained Earnings Total Equities 65,007 $578,125 The following summary transactions occurred during 2021: paid $80,787 to suppliers for merchandise previously purchased on account paid $23,530 for advertising sold merchandise for $483,208 on account and $227,392 for cash; the merchandise cost $376,618 paid $5,342 for land and equipment received $8,058 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What were total assets on December 31, 2021? A: $267,612 B: $388,037 C: $562,654 D: $815,848 E: $1,182,980 F: $1,715,320 Submit Answer Tries 0/99 5. What were total liabilities on December 31, 2021? A: $115.017 B: $166,774 C: $241.822 D: $350,642 E: $508.431 F: $737.226