The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Cash Equities $82,978 Accounts Payable $229,067 Accounts Receivable 11,846 Wages Payable 1,207 Inventory 150,804 Notes Payable 32,870 Prepaid Rent 6,102 Paid-In Capital 235,021 Equipment Total Assets 310,445 $562,175 Retained Earnings Total Equities 64,010 $562,175 The following summary transactions occurred during 2021: borrowed $4,348 from the bank paid $23,160 for advertising sold merchandise for $427,549 on account and $273,351 for cash; the merchandise cost $392,504 agreed to a four-year rental lease for $8,000 and paid $2,000 in advance received $8,092 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: $210,742 OB: $238,138 OC: $269,096 Submit Answer Tries 0/99 D: $304,079 E: $343,609 F: $388,278 7. What were total liabilities on December 31, 2021? OA: $122,006 OB: $142,747 OC: $167,014 OD: $195,407 OE: $228,626 OF: $267,492