The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $85,993 Accounts Payable $238,994 Accounts Receivable 10,380 Wages Payable Inventory 153,408 Notes Payable 1,203 30,896 Prepaid Rent 6,007 Paid-In Capital Equipment 307,913 Total Assets $563,701 Retained Earnings Total Equities 225,449 67,159 $563,701 The following summary transactions occurred during 2021: borrowed $4,819 from the bank paid $23,910 for advertising sold merchandise for $493,419 on account and $221,681 for cash; the merchandise cost $371,852 agreed to a four-year rental lease for $8,000 and paid $2,000 in advance received $8,402 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, 20217 A: $184,180 B: $215,491 C: $252,124 OD: $294,985 E: $345,132 F: $403,805 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, 20217 A: $244,170 B: $275,912 C: $311,781 D: $352,312 E: $398,113 F: $449,867