The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Cash $90,221 Equities Accounts Payable $215,828 Accounts 12,908 Wages Payable 1,042 Receivable Inventory 154,316 Notes Payable 32,673 Prepaid Rent 5,952 Paid-In Capital 287,259 Equipment 339,715 Retained Earnings 66,310 Total Assets $603,112 Total Equities $603,112 The following summary transactions occurred during 2021: paid $83,074 to suppliers for merchandise previously purchased on account paid $29,440 for advertising sold merchandise for $476,058 on account and $245,242 for cash; the merchandise cost $389,502 paid $5,493 for land and equipment received $8,332 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? OA: $425,333 B: $531,666 C: $664,582 OD: $830,728 E: $1,038,410 OF: $1,298,012 Submit Answer Tries 0/99 7. What were total liabilities on December 31, 2021? OA: $106,540 OB: $133,175 C: $166,469 OD: $208,086 E: $260,108 OF: $325,135 Submit Answer Tries 0/99