The following balance sheet is for X Company:

Balance Sheet

January 1, 2021

Assets		Equities
Cash	$90,620	Accounts Payable	$207,489
Accounts Receivable	12,891	Wages Payable	1,348
Inventory	157,322	Notes Payable	34,433
Prepaid Rent	5,928	Paid-In Capital	283,797
Equipment	326,727	Retained Earnings	66,421
Total Assets	$593,488	Total Equities	$593,488

The following summary transactions occurred during 2021:

• paid $84,207 to suppliers for merchandise previously purchased on account
• paid $21,550 for advertising
• sold merchandise for $475,700 on account and $234,300 for cash; the merchandise cost $383,400
• agreed to a five-year rental lease for $10,000 and paid $2,000 in advance
• received $243,165 from customers for merchandise previously sold on account

Note: For the questions below, ignore adjusting entries on December 31, 2021.

6. What were total equities on December 31, 2021?

A: $266,840

B: $333,550

C: $416,937

D: $521,172

E: $651,465

F: $814,331

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7. What were total liabilities on December 31, 2021?

A: $52,175

B: $75,654

C: $109,699

D: $159,063

E: $230,641

F: $334,430

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