The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $98,216 Accounts Payable Accounts Receivable 12,310 Wages Payable Inventory 159,523 Notes Payable Prepaid Rent 5,634 Paid-In Capital Equipment Total Assets 343,092 $618,775 Retained Earnings Total Equities The following summary transactions occurred during 2021: borrowed $4,262 from the bank paid $20,590 for advertising sold merchandise for $469,755 on account and $252,945 for cash; the merchandise cost $390,258 paid $5,834 for land and equipment received $8,269 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? Submit Answer Tries 0/3 7. What were total liabilities on December 31, 2021? Submit Answer Tries 0/3 $203,048 1,482 30,816 312,074 71,355 $618,775