The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $85,958 Accounts Payable $211,803 Accounts Receivable 10,422 Wages Payable 1,371 Inventory 158,722 Notes Payable 33,730 Prepaid Rent 6,077 Paid-In Capital 279,632 Equipment Total Assets 336,926 $598,105 Retained Earnings Total Equities 71,569 $598,105 The following summary transactions occurred during 2021: borrowed $4,552 from the bank paid $28,570 for advertising sold merchandise for $477,040 on account and $234,960 for cash; the merchandise cost $384,480 agreed to a four-year rental lease for $8,000 and paid $2,000 in advance received $8,454 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: $209,210 B: $303,354 OC: $439,863 D: $637,802 E: $924,813 F: $1,340,978 Submit Answer Answer Submitted: Your final submission will be graded after the due date. Tries 1/99 Previous Tries 7. What were total liabilities on December 31, 2021? OA: $160,932 B: $201,165 OC: $251,456 OD: $314,320 OE: $392,900 OF: $491,125 Submit Answer Answer Submitted: Your final submission will be graded after the due date. Tries 1/99 Previous Tries