The following balance sheet is for X Company:

Balance Sheet

January 1, 2021

Assets		Equities
Cash	$86,431	Accounts Payable	$216,794
Accounts Receivable	14,241	Wages Payable	1,087
Inventory	157,690	Notes Payable	32,466
Prepaid Rent	6,369	Paid-In Capital	278,519
Equipment	327,575	Retained Earnings	63,440
Total Assets	$592,306	Total Equities	$592,306

The following summary transactions occurred during 2021:

• borrowed $4,268 from the bank
• paid $25,690 for advertising
• sold merchandise for $474,012 on account and $244,188 for cash; the merchandise cost $416,556
• paid $5,509 for land and equipment
• received $8,434 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?

7. What were total liabilities on December 31, 2021