The following balance sheet is for X Company: Balance Sheet January 1, 2021 Equities Assets Cash Accounts Receivable $93,822 Accounts Payable $229,481 10,841 Wages Payable 1,102 Inventory 151,177 Notes Payable 34,612 Prepaid Rent 6,376 Paid-In Capital 234,049 Equipment Total Assets 311,451 Retained Earnings 74,423 $573,667 Total Equities $573,667 The following summary transactions occurred during 2021: paid $87,500 to suppliers for merchandise previously purchased on account paid $24,010 for advertising sold merchandise for $475,860 on account and $245,140 for cash; the merchandise cost $396,550 paid $5,842 for land and equipment received $246,527 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What were total assets on December 31, 2021? OA: $402,743 OB: $503,428 OC: $629,286 OD: $786,607 OE: $983,259 OF: $1,229,073 Submit Answer Tries 0/99 5. What were total liabilities on December 31, 2021? OA: $177,695 OB: $207,903 OC: $243,247 OD: $284,599 E: $332,980 OF: $389,587 Submit Answer Tries 0/99