The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Cash $90,494 Equities Accounts Payable $241,363 Accounts 14,725 Wages Payable 1,498 Receivable Inventory 156,430 Notes Payable 31,152 Prepaid Rent 5,700 Paid-In Capital 271,456 Equipment 343,349 Retained Earnings 65,229 Total Assets $610,698 Total Equities $610,698 The following summary transactions occurred during 2021: borrowed $4,725 from the bank purchased $328,785 of merchandise on account and $147,715 for cash sold merchandise for $497,421 on account and $223,479 for cash; the merchandise cost $382,077 agreed to a five-year rental lease for $10,000 and paid $2,000 in advance received $226,014 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What was the cash balance on December 31, 2021? A: $296,990 OB: $394,997 OC: $525,346 OD: $698,710 OE: $929,285 OF: $1,235,948 Submit Answer Tries 0/99 5. What was total owners' equity on December 31, 2021? A: $366,639 | B: $414,302|| C: $468,161 OD: $529,022 E: $597,795 F: $675,508 Submit Answer Tries 0/99