The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $83,209 Accounts Payable $208,672 Accounts Receivable 10,074 Wages Payable 1,027 Inventory 155,516 Notes Payable 30,512 Prepaid Rent 5,500 Paid-In Capital 289,767 Equipment 336,038 Retained Earnings 60,359 Total Assets $590,337 Total Equities $590,337 The following summary transactions occurred during 2021: . paid $89,396 to suppliers for merchandise previously purchased on account paid $20,590 for advertising sold merchandise for $492,384 on account and $221,216 for cash; the merchandise cost $392,480 . agreed to a five-year rental lease for $8,000 and paid $1,600 in advance . received $225,023 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What were total assets on December 31, 2021? A: $453,090 B: $602,610 C: $801,471 D: $1,065,956 E: $1,417,722 F: $1,885,570 Submit Answer Tries 0/99 5. What were total liabilities on December 31, 2021? A: $104,010 B: $150,815 C: $218,682 D: $317,089 E: $459,778 F: $666,679 Submit Answer Tries 0/99