The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $85,624 Accounts Payable $243,046 Accounts Receivable 14,497 Wages Payable 1,192 Inventory 159,062 Notes Payable Prepaid Rent 6,173 Paid-In Capital 30,278 253,231 Equipment Total Assets 333,107 $598,463 Retained Earnings Total Equities 70,716 $598,463 The following summary transactions occurred during 2021: borrowed $4,335 from the bank purchased $307,360 of merchandise on account and $144,640 for cash sold merchandise for $466,115 on account and $250,985 for cash; the merchandise cost $415,918 agreed to a four-year rental lease for $10,000 and paid $2,500 in advance received $231,509 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What was the cash balance on December 31, 2021? A: $202,289 B: $293,319 C: $425,313 OD: $616,704 E: $894,221 F: $1,296,620 Submit Answer Tries 0/99 7. What was total owners' equity on December 31, 2021? A: $400,083 B: $500,103 C: $625,129 D: $781,411 E: $976,764 F: $1,220,955 Submit Answer Tries 0/99