The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $91,666 Accounts Payable $249,836 Accounts Receivable 10,396 Wages Payable 1,122 Inventory 154,947 Notes Payable 30,564 Prepaid Rent 5,272 Paid-In Capital 216,503 Equipment 300,236 Retained Earnings 64,492 Total Assets $562,517 Total Equities $562,517 The following summary transactions occurred during 2021: . borrowed $4,363 from the bank purchased $293,898 of merchandise on account and $187,902 for cash . sold merchandise for $463,488 on account and $260,712 for cash; the merchandise cost $376,584 . paid $5,288 for land and equipment received $8,395 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What was the cash balance on December 31, 2021? A: $56,343 B: $70,429 C: $88,036 D: $110,045 E: $137,557 F: $171,946 Submit Answer Tries 0/99 7. What was total owners' equity on December 31, 2021? A: $270,763 B: $360,114 C: $478,952 D: $637,006 SOE: $847,218 OF: $1,126,800 Submit Answer Tries 0/99