The following balance sheet is for X Company:

Balance Sheet

January 1, 2015

Assets		Equities
Cash	$50,817	Accounts Payable	$239,229
Accounts Receivable	13,720	Wages Payable	1,222
Inventory	150,655	Notes Payable	31,148
Prepaid Rent	6,320	Paid-In Capital	214,693
Equipment	327,869	Retained Earnings	63,089
Total Assets	$549,381	Total Equities	$549,381

The following summary transactions occurred during 2015:

-borrowed $4,605 from the bank

-paid $87,983 to suppliers for merchandise purchased on account

-paid for $55,090 of advertising

-purchased $243,155 of merchandise on account and $198,945 for cash

-sold merchandise for $511,876 on account and $189,324 for cash; the merchandise cost $385,660

-signed a four-year rental lease for $8,000; paid for one year in advance-

-paid $5,854 for land and equipment

-received $226,131 from customers for merchandise sold on account

-received $8,564 in cash contributions from new owners

Note: Ignore adjusting entries. 3. What was the cash balance on December 31, 2015?

4. What were total assets on December 31, 2015?

5. What were total liabilities on December 31, 2015?

6. What was net income in 2015?