The following balance sheet is for X Company:

Balance Sheet

January 1, 2021

Assets		Equities
Cash	$92,470	Accounts Payable	$228,321
Accounts Receivable	10,111	Wages Payable	1,071
Inventory	153,080	Notes Payable	33,898
Prepaid Rent	6,314	Paid-In Capital	239,887
Equipment	302,676	Retained Earnings	61,474
Total Assets	$564,651	Total Equities	$564,651

The following summary transactions occurred during 2021:

• borrowed $4,316 from the bank
• paid $22,450 for advertising
• sold merchandise for $466,115 on account and $250,985 for cash; the merchandise cost $401,576
• paid $5,651 for land and equipment
• received $208,887 from customers for merchandise previously sold on account

Note: For the questions below, ignore adjusting entries on December 31, 2021.

What was the cash balance on December 31, 2021?

What were total liabilities on December 31, 2021?