The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $81,477 Accounts Payable Accounts Receivable 12,024 Wages Payable Inventory 150,408 Notes Payable Prepaid Rent 5,595 Paid-In Capital $233,212 1,476 32,683 219,970 Equipment Total Assets 311,440 $560,944 Retained Earnings Total Equities 73,603 $560,944 The following summary transactions occurred during 2021: borrowed $4,554 from the bank purchased $268,758 of merchandise on account and $157,842 for cash sold merchandise for $440,014 on account and $269,686 for cash; the merchandise cost $390,335 paid $5,108 for land and equipment received $8,327 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What was the cash balance on December 31, 2021? Submit Answer Tries 0/3 5. What was total owners' equity on December 31, 2021?