The following balance sheet is for X Company: Balance Sheet January 1, 2021 Equities Accounts Payable $239,302 1,200 34,155 258,372 Assets Cash $87,472 Accounts Receivable 10,431 Wages Payable Inventory 159,709 Notes Payable Prepaid Rent 6,151 Paid-In Capital Equipment Total Assets 339,571 $603,334 The following summary transactions occurred during 2021: borrowed $4,998 from the bank paid $25,990 for advertising sold merchandise for $429,257 on account and $274,443 for cash; the merchandise cost $394,072 agreed to a four-year rental lease for $8,000 and paid $2,000 in advance received $8,676 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: $297,093 B: $347,599 OC: $406,691 OD: $475,828 E: $556,719 OF: $651,361 Submit Answer Tries 0/99 7. What were total liabilities on December 31, 2021? OA: $223,724 OB: $279,655 C: $349,569 D: $436,961 E: $546,201 F: $682,751 Tries 0/99 Submit Answer Retained Earnings Total Equities 70,305 $603,334