The following balance sheet is for X Company:

Balance Sheet

January 1, 2021

Assets		Equities
Cash	$87,528	Accounts Payable	$219,030
Accounts Receivable	13,925	Wages Payable	1,197
Inventory	157,433	Notes Payable	33,708
Prepaid Rent	5,025	Paid-In Capital	244,888
Equipment	302,159	Retained Earnings	67,247
Total Assets	$566,070	Total Equities	$566,070

The following summary transactions occurred during 2021:

• paid $87,099 to suppliers for merchandise previously purchased on account
• purchased $259,904 of merchandise on account and $146,196 for cash
• sold merchandise for $447,702 on account and $274,398 for cash; the merchandise cost $426,039
• paid $5,079 for land and equipment
• received $8,249 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?

Tries 0/3

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