The following balance sheet is for X Company:

Balance Sheet

January 1, 2021

Assets		Equities
Cash	$84,803	Accounts Payable	$231,977
Accounts Receivable	14,765	Wages Payable	1,232
Inventory	154,083	Notes Payable	32,484
Prepaid Rent	5,616	Paid-In Capital	230,540
Equipment	310,968	Retained Earnings	74,002
Total Assets	$570,235	Total Equities	$570,235

The following summary transactions occurred during 2021:

• paid $88,735 to suppliers for merchandise previously purchased on account
• purchased $299,508 of merchandise on account and $154,292 for cash
• sold merchandise for $447,268 on account and $274,132 for cash; the merchandise cost $375,128
• paid $5,178 for land and equipment
• received $8,962 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?

A: $783,615 B: $1,136,242 C: $1,647,551 D: $2,388,949 E: $3,463,976 F: $5,022,765

7. What was total owners' equity on December 31, 2021? A: $516,701 B: $583,873 C: $659,776 D: $745,547 E: $842,468 F: $951,989