The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $83,922 Accounts Payable $237,739 Accounts Receivable 11,213 Wages Payable 1,319 Inventory 155,678 Notes Payable 31,402 Prepaid Rent 5,492 Paid-In Capital 242,648 Equipment 328,582 Retained Earnings 71,779 Total Assets $584,887 Total Equities $584,887 The following summary transactions occurred during 2021: . borrowed $4,847 from the bank . purchased $300,006 of merchandise on account and $176,194 for cash . sold merchandise for $431,220 on account and $287,480 for cash; the merchandise cost $395,285 . paid $5,288 for land and equipment . received $202,765 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What was the cash balance on December 31, 2021? Submit Answer Tries 0/3 7. What was total owners' equity on December 31, 2021? Submit Answer Tries 0/3