The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $92,903 Accounts Payable $225,672 Accounts Receivable 13,168 Wages Payable 1,389 Inventory 152,103 Notes Payable 32,156 Prepaid Rent 6,331 Paid-In Capital 276,447 Equipment 331,479 Retained Earnings 60,320 Total Assets $595,984 Total Equities $595,984 The following summary transactions occurred during 2021: . paid $85,338 to suppliers for merchandise previously purchased on account . purchased $255,936 of merchandise on account and $156,864 for cash . sold merchandise for $463,254 on account and $238,646 for cash; the merchandise cost $407,102 . paid $5,593 for land and equipment . received $229,865 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? OA: $240,104 OB: $348,150 OC: $504,818 OD: $731,986 OE: $1,061,380 OF: $1,539,001 Submit Answer Tries 0/99 5. What was total owners' equity on December 31, 2021? OA: $323,361 OB: $404,202 OC: $505,252 OD: $631,565 OE: $789,456 OF: $986,820 Submit Answer Tries 0/99