The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Cash Equities $89,639 Accounts Payable $245,155 Accounts Receivable 12,131 Wages Payable 1,051 Inventory 154,232 Notes Payable 34,474 Prepaid Rent 5,673 Paid-In Capital 257,331 Equipment Total Assets 342,017 Retained Earnings 65,681 $603,692 Total Equities $603,692 The following summary transactions occurred during 2021: borrowed $4,022 from the bank purchased $280,922 of merchandise on account and $172,178 for cash sold merchandise for $483,740 on account and $238,260 for cash; the merchandise cost $411,540 agreed to a four-year rental lease for $8,000 and paid $2,000 in advance received $8,573 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? OA: $114,701 OB: $166,316 OC: $241,158 OD: $349,679 OE: $507,035 OF: $735,201 Submit Answer Tries 0/99 7. What was total owners' equity on December 31, 2021? OA: $262,982 OB: $328,727 OC: $410,909 OD: $513,636 E: $642,045 F: $802,556 Submit Answer Tries 0/99