The following balance sheet is for X Company:

Balance Sheet

January 1, 2021

Assets		Equities
Cash	$81,996	Accounts Payable	$228,939
Accounts Receivable	14,581	Wages Payable	1,121
Inventory	151,784	Notes Payable	33,059
Prepaid Rent	6,084	Paid-In Capital	256,408
Equipment	332,012	Retained Earnings	66,930
Total Assets	$586,457	Total Equities	$586,457

The following summary transactions occurred during 2021:

• paid $80,973 to suppliers for merchandise previously purchased on account
• purchased $275,535 of merchandise on account and $148,365 for cash
• sold merchandise for $499,422 on account and $224,378 for cash; the merchandise cost $376,376
• agreed to a four-year rental lease for $10,000 and paid $2,500 in advance
• received $8,006 in cash contributions from new owners

Note: For the questions below, ignore adjusting entries on December 31, 2021.

6. What were total equities on December 31, 2021?

$1,136,449

You are correct. Your receipt no. is 154-9177

Previous Tries

7. What was total owners' equity on December 31, 2021?

Incorrect.

Tries 1/3

Previous Tries